Acquisition of Three-Property Portfolio in Arlington, TX
May 28, 2010
Legacy Capital Partners invested $3.25 million in the acquisition and renovation of a 550-unit, three-property portfolio in Arlington, Texas. The portfolio consists of Heritage Fields, 240 units; Ridgewood Preserve, 184 units; and Manchester Park, 126 units. The total project cost (including funds needed to complete the renovation and lease-up) was $18.7 million. The portfolio was purchased with three three-year interest only loans in the amount of $12.2 million. The total equity requirement was $6.5 million.