California firm buys almost 1,000 apartments in D-FW
Almost 1,000 apartments near Lake Highlands and Richardson have been sold to a California firm.
Los Angeles-based Tides Equity purchased three apartment complexes from the Dallas-based ValCap Group totaling 966 units, all near the intersection of Interstate 635 and U.S. Highway 75, brokerage Institutional Property Advisors said Wednesday.
The properties include:
- Belterra, 314 units built in 1984
- Estancia, 220 units built in 1981
- Solaris, 432 units built in 1983
All three properties were built in the ‘80s and have recently had renovations.
The properties are near the ongoing expansion of I-635 east, which will widen the highway from U.S. 75 to Interstate 30. That project is expected to be completed by late 2024, according to the Texas Department of Transportation.
Taylor Hill, Michael Ware, Drew Kile, Joey Tumminello and Will Balthrope of Institutional Property Advisors, a division of Marcus & Millichap, brokered the deal.