Coronado Apartment Homes, Dallas, Tx
BEVERLY HILLS, Calif. – Oct. 28, 2024 – PRLog — Archway Equities has acquired Coronado Apartment Homes, a 264-unit multifamily community Dallas, TX.
Coronado Apartment Homes is Archway’s first investment in Texas in more than two years. Recognizing the softening of the market driven in large part by oversupply, in 2022 Archway successfully exited 1,800 units throughout the Sunbelt for $350 million and in 2023 acquired $250 million of high-quality, newer vintage assets in California’s supply-constrained coastal markets.
“We are excited to be buying back into Dallas. After being in a prolonged, higher rate environment, the market has had a pricing reset, which has made yields more attractive,”
Archway’s Texas holdings consist of 11 properties totaling close to 2,700 units in Dallas and Austin.
Built in 1984, Coronado Apartment Homes is located at 7414 East Grand Avenue in Dallas’ Lakewood neighborhood. Lakewood, one of the most desirable Dallas neighborhoods, benefits from its proximity to job nodes in Downtown and Uptown and has abundant outdoor lifestyle amenities being adjacent to White Rock Lake. The area offers ample greenspace, boating and water activities, and miles of nature trails and walking/jogging paths around the 1,000-acre lake. Lakewood is also a high-barrier to entry submarket with less than 700 units added to the market in the past five years.
Coronado’s one- and two-bedroom apartment homes are housed in 11, three-story residential buildings on a gated 6.8-acre site that also includes a clubhouse, fitness center and resort-style swimming pool. With unit interiors recently renovated by the seller, Archway plans a multi-million capital improvement plan that will focus on the building exterior and common area amenities. Additionally, Archway will install washer and dryers in 100 percent of the units.
The acquisition was leveraged with attractive agency financing arranged by Michael Cosby and Andy Scott of JLL.
The Dallas-based JLL team of Rob Key, David Austin and William Jennings marketed the property on behalf of the seller.
About Archway Equities
Archway Equities and its principals (http://www.archwayco.com) have been active in US Real Estate since 1974. Since 2010, Archway has primarily focused on multifamily investing, but during its history has also invested in several different asset classes including land entitlements and redevelopments. With a history approaching 50 years, we have been successful investing throughout cycles and have always safeguarded investor capital. Archway invests money on behalf of its principals, accredited investors and institutional joint venture partners.
Contact
Bruce Beck
DB&R Marketing Communications, Inc.
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