(To read more on the multifamily market, click here.)
DALLAS-The 11-year-old, 228-unit, 95%-leased Archstone NorthDallas Apartment community is under new ownership today with a newname. Harbor Group International LLC of Norfolk, VA is the newowner. The property at 4750 Haverford Ln. is now called StoneRidge. Harbor declined to disclose the acquisition price, identifythe seller or state the average asking rent range.
However, area multifamily brokers familiar with Far North Dallassubmarket tell GlobeSt.com that Harbor paid at least $80,000 perunit or an estimated aggregate total $15 million for the class A,11.4-acre property. That price was substantially under currentreplacement cost of about $100,000 per unit, construction sourcesin a position to know tell GlobeSt.com. The deal was done as a 1031tax-deferred exchange.
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