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.

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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.

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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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Park Timbers Apartments received a significant amount ofinvestor interest. “We had more than 150 registered buyers and morethan a dozen offers, with the majority qualified, experiencedinvestors,” says Lamont Rattler, a multifamily specialist withCushman &Wakefield’s capital markets group.

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Rattler was the lead broker on the transaction, representing theseller, Dallas-based American Equity Partners Inc., along withStephannie Mower, who leads the C&W’s capital markets group.Mart Martindale and David Ellis, also with C&W, participated inthe deal.

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McCallister says MC Companies won the deal because of itsextensive experience in managing multifamily assets in theMetroplex. The firm manages more than 4,500 units in the area, notincluding Park Timbers Apartments.

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Located at 1902 South Business State Highway 121 between LakeLewisville and DFW Airport, the two-story, garden-style complex wasbuilt in 1986. Ten floor plans include 1, 2 and 3 bedroom options.The community offers two pools, a spa, exercise room, family playarea and covered parking.

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The community, which was 88% occupied at closing, will berenamed The Place at Park Timbers in keeping with MC Companies’branding strategy. MC Residential of Texas will manage thecommunity.

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The new owner plans to update the units and will spend $500,000to upgrade kitchens, add new appliances and install a washer/dryerin every unit. It will also replace fitness equipment and repairthe deck near the pool. McCallister says the firm will continue tolook for investment opportunities in Texas, as well as Arizona,Colorado, Oklahoma, Nevada and Utah.

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