Phillip Huffines Of Huffines Communities Sells 282-Unit Heritage Towers In Lewisville
1600 North Summit Avenue
Building Size
—
Asset Type
MultiFamily
Closing
May 12, 2025
AI
The sale involves a multi-family asset comprising 282 units located at 1600 North Summit Avenue in Lewisville, Texas. The property is situated in a rapidly growing submarket of Dallas-Fort Worth, which is characterized by strong job and population growth.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: Not disclosed
- Units: 282
- Address: 1600 North Summit Avenue
- Market: Lewisville
- Seller: Phillip Huffines - Huffines Communities
- Brokers: Asher Hall & Grant Raymond - Cushman & Wakefield
Cushman & Wakefield represented Huffines Communities in brokering the sale of the Heritage Towers. The buyer remains undisclosed, indicating that further details about the acquiring party are not available.
Players
Lewisville 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