Updated Dec 4, 2024
Tri-City Equity Group Acquires Fully Occupied Multifamily Complex In Mansfield
1300 East Dallas Street
Units
64
Asset Type
MultiFamily
Closing
Jan 17, 2024
About this deal
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.
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MultiFamily
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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