Tri-City Equity Group Acquires Fully Occupied Multifamily Complex In Mansfield
1300 East Dallas Street
Building Size
—
Asset Type
MultiFamily
Closing
Jan 17, 2024
AI
Greysteel has brokered the sale of Kings Landing, a fully occupied 64-unit apartment complex located at 1300 East Dallas Street in Mansfield, Fort Worth. The multifamily property, built between 1975 and 1985, consists of one- and two-bedroom units with an average size of 765 square feet. Tri-City Equity Group was the buyer in this transaction.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: Not disclosed
- Units: 64
- Date: 01/17/2024
- Market: Mansfield
- Buyer: Tri-City Equity Group
- Seller: 1300 Dallas LLC
- Brokers: Doug Banerjee & Sterling Warren - Greysteel
The buyer, Tri-City Equity Group, plans to implement a value-add program for Kings Landing in order to enhance its appeal and increase its value.
Players
Mansfield MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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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