Sean Mabarak And Michael Becker Acquire 600-Unit Crest Manor Apartments In Lewisville Texas

The asset involved in the transaction is the Crest Manor Apartments, a multifamily property with 600 units located at 940 West Round Grove Road in Lewisville, TX. The transaction was completed after five years of negotiations and involves long-term HUD financing at a 3.6% rate, along with plans for targeted upgrades to maintain the property's high-quality character.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: Not disclosed
• Units: 600
• Address: 940 West Round Grove Road
• Market: Lewisville
• Buyer: Sean Mabarak & Michael Becker - SPI Advisory; Garland Faist - FCP

The acquisition was made by SPI Advisory and FCP, representing a strategic move in the market following extensive discussions with the original developer over five years. The deal emphasizes maintaining quality while implementing upgrades to the property.