Nearly $17M Goes Down for 469-Unit Triple Play

AMARILLO, TX-Making its first strike in the city and its third in Texas so far this year, a Boston-based investment group has acquired the 225-unit Tiffany Square Apartments in a value-add play. The transaction closed just two weeks after the purchase of the 144-unit La Residencia Apartments and 100-unit Bonaventure, both in Brownsville.

Bostonian Investment Group, formerly the Lindahl Group, paid about $35,000 per door or nearly $7.9 million to BH Equities Inc. of Des Moines for the class B-minus Tiffany Square at 6209 W. Interstate 40. “It’s tired. It’s old. It’s worn down,” says Justin Meszaros, CEO of Bostonian Investment.

Meszaros says about $250,000 is earmarked to paint, repair the wood and complete minor modifications to unit interiors. “This has a good, diversified renters’ base and the rents are $50 to $60 below current market rents,” he tells GlobeSt.com.