The 96%-leased Towne Crossing Apartments at 1601 Towne Crossing Blvd. was acquired from Parkwood Management Co. of Fountain Green, UT, which also sold the 248-unit Northgate at 26325 Northgate Crossing Blvd. in Spring, TX for $16.6 million to the Richmond, VA-based subsidiary of NNN Realty Advisors Inc. of Santa Ana, CA.
Built three years ago, the 12-building Towne Crossing Apartments has one-, two- and three-bedroom units, ranging from 659 sf to 1,292 sf. Web-based apartment sites put rents at $685 to $1,285 per month.
In a press release, Gus Remppies, executive vice president and chief investment officer for NNN Apartment REIT, says "the population growth and economic vitality of the city of Mansfield makes it an ideal market for an investment by NNN Apartment REIT." The city's average annual income is $91,878.
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