DALLAS, GARLAND – A joint venture between Eagle Property Capital Investments and Promecap has acquired two apartment communities totaling 958 units.
The 466-unit Enclave at Prestonwood was built in 1978 at 5930 Arapaho Rd. in Dallas. It has one- and two-bedroom units ranging from 480 to 944 sf.
The 492-unit Residences at Mesa Ridge was built in 1983 and 1984 at 1051 E. Centerville Rd. in Garland. It has one-, two-, and three-bedroom units ranging from 500 to 1,186 sf.
The new ownership plans to implement value-add programs at both properties.
Institutional Property Advisors represented the seller, Exponential Property Group, and procured the buyer.
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Source: REBusiness Online