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Archstone North Dallas Apartments Sells for $15M

DALLAS-Harbor Group International pays an estimated $80,000 per unit for the 228-unit apartment property and renames it Stoney Ridge.

By Alex Finkelstein | Updated on December 21, 2006

(To read more on the multifamily market, click here.)

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.

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