Weidner Apartment Homes Acquires MultiFamily In Rowlett, TX For $Undisclosed
11010 Harmony Hill Ln, Rowlett, TX, 7...
Building Size
—
Asset Type
MultiFamily
Closing
Nov 20, 2023
AI
The Harmony Hill multifamily development in Rowlett, Texas has been acquired by Weidner Apartment Homes. The property features 644 units, offering one-, two-, and three-bedroom options with modern amenities such as stainless steel appliances, granite countertops, tile backsplashes, built-in desks, and covered balconies. The community includes various recreational facilities like two pools, fitness center, outdoor grilling stations, coworking lounge, dog park, and walking trails, in addition to a resident clubhouse. The deal was brokered off-market by Kevin O’Boyle of CBRE, with the seller being Huffines Communities. The transaction price remains undisclosed.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: Undisclosed
- Address: 11010 Harmony Hill Ln, Rowlett, TX
- Market: Rowlett
- Buyer: Weidner Apartment Homes
- Seller's Rep: Kevin O’Boyle (CBRE)
Seattle-based Weidner Apartment Homes enlisted the expertise of Kevin O’Boyle from CBRE to finalize the acquisition of the Harmony Hill multifamily development in Rowlett. The seller, Huffines Communities, was represented in the off-market transaction. Weidner Apartment Homes, known for their strategic investments in real estate, saw the opportunity in the northeastern Dallas suburb of Rowlett, securing a noteworthy addition to their portfolio through this acquisition.
Players
Rowlett MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93