A 267-unit apartment complex located at 3720 Post Oak Blvd, Euless, TX 76040 has sold. The 1983-built, Class B+ property, located in Euless, near DFW Airport, has sold to ShainRealty Capital, a Los Angeles privately-owned real estate investment firm.
Texas is a non-disclosure state and therefore the purchase price was not made public. The asset will undergo $3,000,000 of renovations and upgrades and be rebranded from The Landing to Infinity on the Landing.
This is ShainRealty Capital’s third acquisition in Dallas in under a year, as they previously picked up Infinity on the Mark & Infinity on the Point.
Bard Hoover & Wes Racht of Marcus & Millichap, brokered the transaction. Rialto Capital provided the Bridge Loan debt.
The acquisition presents an excellent opportunity for ShainRealty to acquire a sizeable multifamily asset with significant rental upside. The property consists of 267 units, approximately 770 square feet in average size, with in-place average rents 30% below market.
Managed by Jonathan & Elliot Shainberg, ShainRealty Capital plans to continually grow in the Sunbelt Markets, acquiring multifamily assets such as this.