ROUND ROCK, TX-Tonti Properties has acquired La Frontera Square, a newly completed mixed-use development with 349 apartments and 46,159 square feet of retail, for an undisclosed amount. The approximate development cost for the class A property was more than $45 million, according to local industry experts.

The Dallas-based investor purchased La Frontera Square from the developer, North American Properties, through a deed-in-lieu of foreclosure deal with the lender, Compass Bank. Although property was not marketed, Compass Bank made it known that it wanted to offload the note on the property.

Tonti Properties competed with at least five other investors who were eager to acquire the note from Compass Bank, according to Rick Perdue, director of acquisitions for the family-owned company. He tells GlobeSt.com that his firm won the deal because of its ability to do an all-cash buy on a tight timeline, closing just one day after it executed the purchase agreement.