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King Properties Takes 330-Unit Portfolio

ARLINGTON, TX-King Properties buys a neighbor, the 186-unit Misty Ridge Apartments. By meeting the $11.2-million ask, King also gets the 144-unit Riverfall in Dallas.

By Connie Gore | Updated on September 27, 2007

ARLINGTON, TX-King Properties of Miami has acquired a two-asset portfolio in Dallas/Fort Worth, outplaying at least a dozen offers for the $11.2-million class B listing. In scoring the win, the buyer has taken its second multifamily deed in four months in the city.

Key to the hard push to win the deal is the 186-unit Misty Ridge Apartments’ positioning at 2300 Misty Ridge Circle in Arlington, which is right beside King’s June buy, Ashley Village Apartments at 2713 N. Collins St. The buyer also has scooped up the deed to Riverfall Apartments, a 144-unit complex at 7879 Riverfall Dr. in Dallas. Given the field of buyers and current market conditions, it’s a safe bet that the deal was nudging the asking price of IMT Real Estate Group of Sherman Oaks, CA.

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