ROANOKE, TX-Tennessee-based Mid-America Apartment Communities Inc. has beat out several competitors to add the Watermark Apartments in Denton County to its multi-billion-dollar portfolio of multifamily properties.

The 240-unit Watermark at 150 Parish Lane in Roanoke most likely brought $15.6 million to $18 million based on per-unit class A prices in the submarket. Mid-America will not release the purchase price until July, but a company spokesman says Watermark sold in the lower half of the current per-unit price strata for multifamily units in the northwest Dallas/Ft.Worth metroplex. “Multifamily communities in this market have a per-unit purchase price ranging from $65,000 to $85,000,” says Tim Argo, Mid-America’s manager of asset planning.

Watermark’s current occupancy is 93%. Mid-America plans external upgrades such as extensive landscaping and revamped signs and gates. The Watermark complex, located between US Highway 377 and the Alliance Gateway Freeway, has one- and two-bedroom units running from 675 sf to 1,225 sf and monthly rents ranging from $695 to $1,170.

Argo says several competitors–mostly private companies–were competing for the two-year old Watermark property. “We won the deal because of our closing reputation,” Argo tells GlobeSt.com. “We are known as a company with solid financing who can and will close quickly. In this case, there will be less than 30 days between signing the contract and actually closing.”

The buyer describes Watermark as an attractive property at a good price in a high-growth market. It is located within four miles of the 130-acre development site for the Shops at Circle T, a 1.6-million-sf “retail resort” scheduled to break ground in the fall. Additionally, the complex is close to Alliance and Dallas/Fort Worth International airports and several of the region’s top employers, Argo says.

Brian O’Boyle and Jerry Lamm, with Apartment Realty Advisors in Dallas, represented the seller, Texas-based Westwood Residential. Memphis Commercial Group negotiated for the buyer, which now owns 11 properties with 3,616 units in Dallas/Fort Worth.

“We’re constantly surveying all of our markets, reviewing stable, revenue-generating possibilities,” Argo says. “We have nearly a dozen properties in the DFW market, and are looking to add more.” The publicly owned REIT spins its acquisitions towards younger properties, aiming to refresh its portfolio of holdings with newer, upscale apartment communities.

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