LEWISVILLE, TX-MC Companies has acquired Park TimbersApartments, a 230-unit, class B apartment community, for anundisclosed amount. The 2009 assessed value of the property was$9.4 million, according to the Denton County Appraisal District.The Tucson-based buyer assumed mortgage debt serviced by FreddieMac.

Park Timbers Apartments is the firm’s third multifamily purchasein the Metroplex since 2008. “Prior to 2008, we had beenrestricting our investments to Arizona and Nevada, but because ofpricing and the deterioration of the local economies, we start tolook at Texas,” says Ross McCallister, principal of Tucson-based MCCompanies.

McCallister says Dallas-Fort Worth is particularly attractivebecause of its job growth, stable housing market and diverseeconomy. The biggest drawback is the risk of competitive projectsbecause of the market’s low barriers to entry. “We like thesubmarkets along the North Dallas Corridor – Plano, Lewisville,Carrollton and Frisco,” he tells GlobeSt. “We feel those areas cancompete.”

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