GREA brokered the sale of Aspire and Lana Apartments, a 248-unit apartment community at 201 Coronado Drive and 521 E Windsor Drive 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.
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.
The transaction moved swiftly from contract to close in just 47 days.
Fritz Waldvogel with Colliers arranged Fannie Mae acquisition financing for the property.
