PNL/Blackacre SW LLC took the properties as settlement in lieuof debt. In Arlington, the mortgage holder got 589 units at theEastwood, Westwood and Ballpark Apartments in the high-trafficCollins Avenue corridor near Interstate 30 in Arlington. In Dallas,it got the 85-unit Highland Court near the boundary line ofHighland Park, one of the city's priciest residential areas.
Two more properties are ticketed to go back to PNL/Blackacre.One, though, won't be "friendly," David W. Porter, PNL Cos.'president, tells GlobeSt.com. For now, he's not saying which two inthe eight-property portfolio are in jeopardy.
The pool, acquired in September, consists of 201 units inHouston; 182 in Flagstaff, AZ; 74 in Phoenix; 72 in Grambling, LA;54 in Grand Junction, CO; and 48 in Russellville, AR. All havedifferent owners and most were built in the late 1960s. Overall,occupancy was 85% at sale time for the class B and class Cpackage.
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