Lone Star Capital has acquired the Grand Riviera Apartments, a 206-unit community in Irving, Texas from Eagle Property Capital. According to Commercial Edge, the purchase was made possible through a $19.5 million Freddie Mac acquisition loan provided by Greystone.
The deal was closed and financing secured by Institutional Property Advisors (IPA), who also facilitated the buyer’s procurement. The IPA team responsible for representing Eagle Property Capital and securing Lone Star Capital included Michael Ware, Taylor Hill, Drew Kile Joey Tumminello and William Hubbard.
The apartments consist of one- to three-bedroom units as well as two-bedroom townhouses spread across 19 two-story buildings. Located at 2877 W Walnut Hill Lane in Irving, amenities at this garden-style community include two swimming pools, a clubhouse,a dog park,a picnic area with grills,and300 grade-level parking spaces.Grand Riviera is strategically situated between two major employment hubs with easy access to Dallas-Fort Worth International Airport.Additionally,the surrounding area offers various dining options,multiple shopping centers,parks,and golf courses.
This transaction marks another successful venture for Lone Star Capital as they continue their expansion into the rental property market.The news of this acquisition was first reported on Connect CRE.
