GREA, specializing in serving private to institutional multifamily real estate investors, announces the sale of Aspire and Lana Apartments, a 248-unit apartment community portfolio located in Denton, Texas.
Aspire and Lana Apartments are strategically located near Denton’s University District, providing residents with convenient access to top-tier education, employment, and entertainment options in the heart of Denton. This prime positioning enhances the appeal of these communities, making them highly desirable for residents seeking both comfort and convenience. The local Seller, Legacy REI, sold to Dallas-based SPI Advisory.
Michael Becker of SPI Advisory has owned several multifamily properties in Denton over the years, “The strong local job market, coupled with Denton’s appealing lifestyle amenities, makes this submarket particularly attractive. We are committed to maintaining and improving these communities to meet the needs of current and future residents.”
The marketing process for Aspire and Lana Apartments was highly competitive, generating 44 formal offers from potential buyers across 12 states. Notably, 71% of these offers were procured from out-of-state buyers, highlighting the wide-reaching appeal of workforce housing in Denton.
Reflecting on the transaction, Mark Allen, Executive Managing Director of GREA, noted, “Despite the challenging capital markets environment, there’s still an incredible amount of Buyer demand for workforce housing in the Dallas – Ft. Worth metroplex. SPI Advisory was selected not only for their robust experience and assurance of closing in the current market, but also for their ongoing efforts to improve the Denton community.”
The transaction moved swiftly from contract to close in just 47 days. Fritz Waldvogel with Colliers arranged Fannie Mae acquisition financing for the property.
