The multifamily property located at 700 Sowell Lane & 5201 Summerhill Road in Texarkana was sold for $23,000,000. The property consists of a total of 360 units, translating to a price per unit of $63,889. The buyers, Louis Reynolds of Reynolds Assets Management and Jeff Juster of Newport Capital Advisors, made their first acquisition in Texas with this purchase. The deal was facilitated by broker John Hamilton of Marcus & Millichap. The mortgage brokers involved in the transaction were Allan Edelson and Joe Tarantino of Walker & Dunlop. The properties, Westridge Apartments and Park at Summerhill, are set to undergo a $3 million renovation. Texarkana's growing population and increasing income levels contributed to making it an appealing investment location.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $23,000,000
• Units: 360
• Buyer: Louis Reynolds - Reynolds Assets Management; Jeff Juster - Newport Capital Advisors
• Mortgage Brokers: Allan Edelson & Joe Tarantino - Walker & Dunlop
• Broker: John Hamilton - Marcus & Millichap
• Address: 700 Sowell Lane & 5201 Summerhill Road
• Market: Texarkana

The collaboration between Louis Reynolds of Reynolds Assets Management and Jeff Juster of Newport Capital Advisors marked their entry into the Texas market with the purchase of two multifamily properties in Texarkana. The inclusion of mortgage brokers Allan Edelson and Joe Tarantino from Walker & Dunlop helped facilitate the transaction smoothly. This deal showcases the strategic decision-making by all parties involved in seizing the opportunity presented by the thriving real estate market in the area.