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8/12/22
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Archway Equities acquired Toscana Apartments, a 192-unit multifamily property in Carrolton, TX, one of the fastest growing suburbs in Dallas. The property was sold by HLC Equity.
The purchase represents Archway’s second apartment investment in the immediate submarket and increases the Beverly Hills real estate investment firm’s Texas holdings to approximately 3,000 units.
Built in 1986 Toscana Apartments is a multi-family community with amenities that include a clubhouse with fitness and business center, resort style pool, picnic areas with barbecues, and a pet play area. Located at 17910 Kelly Blvd, Toscana Apartments is just minutes from the Dallas North Tollway and President George Bush Turnpike and is in walking distance or a short drive to numerous recreational, retail and restaurant options.
Archway plans to execute a capital improvement program which will include renovating the interiors of more than 50% of the units and enhancing common area amenities including the leasing office. The community was 99% leased at closing.
David Austin and Rob Key of JLL brokered the transaction.
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