(To read more on the multifamily market, click here.)
McKINNEY, TX-A Salt Lake City-based investment group, up againstnearly a dozen offers, has closed on a 248-unit, class A complextailored to a niche renters' market. Sources say the 92%-leasedasset has commanded close to the $17.75-million ask.
The Villas of El Dorado, positioned on nearly 13.7 acres at 3250Hudson Crossing, was sold by a North Texas partnership, whichincludes Samuel Ng, the Dallas architect who also designed theMayfair, a luxury Turtle Creek rental at 3401 Lee Parkway. Ng'sVillas of El Dorado design, though a class A, stands out in itsmarket because it is "value-priced to renters," Don Ostroff, seniordirector for Cushman & Wakefield of Texas Inc. in Dallas, tellsGlobeSt.com. "And that's a good place to be."
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