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DALLAS-The 11-year-old, 228-unit, 95%-leased Archstone North Dallas Apartment community is under new ownership today with a new name. Harbor Group International LLC of Norfolk, VA is the new owner. The property at 4750 Haverford Ln. is now called Stone Ridge. Harbor declined to disclose the acquisition price, identify the seller or state the average asking rent range.

However, area multifamily brokers familiar with Far North Dallas submarket tell GlobeSt.com that Harbor paid at least $80,000 per unit or an estimated aggregate total $15 million for the class A, 11.4-acre property. That price was substantially under current replacement cost of about $100,000 per unit, construction sources in a position to know tell GlobeSt.com. The deal was done as a 1031 tax-deferred exchange.

Archstone-Smith Trust of Englewood, CO had once owned and managed the asset but didn't own or manage the property at the time of this sale, area brokers tell GlobeSt.com. The apartments were also once known as Oakwood of North Dallas, according to area listing brokers.