(To read more on the multifamily market, click here.)
AUSTIN-In an off-market deal, Dallas Cowboys' owner Jerry Jonesand his Blue Star Land LP have sold the largest multifamily blockin the city to Capmark Investments LP, two of its public pensionfund clients and Legacy Partners Inc. Local sources say the2,044-unit Riata and 17 acres of developable land have brought morethan $150 million.
The power quartet of buyers put the Riata under contract inDecember 2005, but had to work through five HUD 221(d)(4) loanassumptions before the entire package could change hands, SpencerStuart Jr., senior vice president and Texas partner for the FosterCity, CA-based Legacy Partners Residential Development Inc., tellsGlobeSt.com. For Capmark, it's thesecond high-profile deal in Central Texas to make headlines thisweek.
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