The Multifamily Group (TMG), a Dallas-based commercial real estate brokerage firm, announced the sale of Athens Reserve Apartments in Athens, Texas.
Managing Partner Paul Yazbeck successfully procured the buyer, who is a Dallas-based
Multifamily Developer. Yazbeck commented: “We closed Athens Reserve in less than 60 days with the buyer placing hard earnest money on day one. We are excited to see the multi-million dollar renovation that the new owner is going to put into this deal to revitalize a project that has been vacant for over a decade.”
Located at 2050 St Hwy 31 E, the property has 122 units, with all efficiency-based floorplans that average ~300 SF. Built in 1981, the property has ~17,500 SF of commercial space previously used for a restaurant, commercial kitchen, bar, and conference space. Amenities include on-site laundry and package service.
Athens Reserve Apartments has already been rezoned to planned development with a base
zoning of Multi-Family-5 (MF-5). The buyer is planning a multi-million dollar renovation to bring the property back to life and provide new housing units for Athens residents.
Situated between Dallas and Tyler in Henderson County, Athens is the self-proclaimed “Black-Eyed Pea Capital of the World” for its historically large production of black-eyed peas. Athens is also known as “The Home of the Original Hamburger.” Athens offers residents the charm of a small town with convenience to the amenities of a larger city. Downtown Athens is teeming with eclectic shops and galleries in addition to a craft brewery and a history museum. Athens also hosts a seasonal Farmer’s Market.
The Multifamily Group is a commercial real estate brokerage firm focused exclusively on clients and helping them market, sell, and acquire multi-housing assets. Based in Dallas, Texas, investors look to The Multifamily Group for one thing – results.
