Harbor Group International picked up an apartment complex in the Dallas-Fort Worth master-planned community of Canyon Falls.
The Norfolk, Virginia-based investor purchased 300-unit Livano Canyon Falls, at 12000 FM 1171 in Northlake, according to a news release. Harbor Group bought the property with a $42.2 million loan from Baltimore-based M&T Realty Capital that’s set to mature in February 2031, loan documents show. The loan amount comes to $140,667 per unit.
Terms of the sale were not disclosed, but the property’s taxable value was $48.6 million last year, according to appraisal district records.
The property was delivered last year and features one-, two- and three-bedroom units, as well as a community clubhouse, pool and electric car-charging stations.
The 1,200-acre Canyon Falls master-planned community is located between Argyle, Flower Mound and Northlake. It’s almost 40 miles northwest of downtown Dallas.
The community’s location offers easy access to AllianceTexas, a 27,000-acre master-planned community owned by Ross Perot Jr.’s Hillwood. AllianceTexas is home to 574 companies and an industrial airport, Perot Field Fort Worth Alliance Airport.
Dallas-Fort Worth was flooded with apartment inventory last year, as nearly 40,000 units were delivered between January and mid-November, according to Partners Real Estate.
The deluge of inventory has put pressure on rent prices and increased vacancy, which is now at a 20-year high of almost 11 percent.
With the pipeline clearing, however, industry experts predict rent growth in DFW will stabilize this year and could even end the year in the black by as much as 3 percent.
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