DALLAS–Brookline Investment Group has purchased Manchester Park. Landmark Apartment Trust sold the 126-unit value-add apartment complex located at 2011 Lincoln Dr. in Arlington, TX.
Property amenities include a clubhouse, pool, tennis court and picnic area. Unit amenities include a fireplace, wood-style flooring, balconies and private patios. The property is 97% occupied.
Brookline Investment Group has plans in place to renovate 10,000 square feet of un-used clubhouse space to include six racquetball courts.
The sale was arranged by Chris Deuillet and Dirk Goris of CBRE's Dallas Multifamily group.
CBRE executives say the Arlington area has attracted investors due to the value-add opportunities. At the moment there area four multifamily properties in the area that are being razed to make room for high-quality, high-density apartment buildings.
“Out-of-state investors are actively pursuing deals in Dallas/Fort Worth due to the area's strong economic factors and particularly tight apartment market,” Deuillet says. “With the AT&T Cowboys Stadium to the south and the master-planned Viridian community to the north, North Arlington is ripe for redevelopment and appreciation for investors.”
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