PLANO, TX-JRK Property Holdings has acquired the 181-unit Heritage at Lakeside. The Los Angeles buyer beat out multiple other offers for the class A complex.
According to area reports, the property at 5900 Baywater Dr. was once known as Echelon at Lakeside. Built in 2001, the asset had been owned by tenant-in-common investors that struggled in the aftermath of the financial meltdown. Everest Realty Management of Southern California was brought in during 2011 to work with both the TIC and the loan's special servicer to reinstate the mortgage so the investors wouldn't lose their money. In doing so, Everest Realty co-invested approximately $1.6 million in capital, which staved off foreclosure.
The multifamily property, which was brought to market on behalf of the seller by Apartment Realty Advisors' Brian O'Boyle Jr., Brian O'Boyle Sr. and Brian Murphy, attracted a great deal of interest – the brokers say that almost 50 tours were scheduled.
“The Legacy Business Park location and unique unit mix attracted numerous buyers looking to place capital with a value-add opportunity,” says O'Boyle Jr. “The strong property performance and outstanding demographics attracted potential buyers from private, high net worth individuals to institutional investors seeking infill suburban product.”
The sales price was kept confidential, with the Collin County Appraisal District assessing the property at approximately $22.2 million.
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