Mid-America Picks Up 11th Complex in North Texas

ROANOKE, TX-Tennessee-based Mid-America Apartment Communities Inc. has beat out several competitors to add the Watermark Apartments in Denton County to its multi-billion-dollar portfolio of multifamily properties.

The 240-unit Watermark at 150 Parish Lane in Roanoke most likely brought $15.6 million to $18 million based on per-unit class A prices in the submarket. Mid-America will not release the purchase price until July, but a company spokesman says Watermark sold in the lower half of the current per-unit price strata for multifamily units in the northwest Dallas/Ft.Worth metroplex. “Multifamily communities in this market have a per-unit purchase price ranging from $65,000 to $85,000,” says Tim Argo, Mid-America’s manager of asset planning.

Watermark’s current occupancy is 93%. Mid-America plans external upgrades such as extensive landscaping and revamped signs and gates. The Watermark complex, located between US Highway 377 and the Alliance Gateway Freeway, has one- and two-bedroom units running from 675 sf to 1,225 sf and monthly rents ranging from $695 to $1,170.