ARLINGTON, DALLAS (globest.com)– King Properties of Miami has purchased two local Class-B apartment complexes from California-based IMT Real Estate Group.
Misty Ridge Apartments consists of 13 buildings on more than eight acres at 2300 Misty Ridge Circle near the under-construction Dallas Cowboys' stadium. The 186-unit apartment complex was 95 percent occupied at closing. The average monthly rent is $678. Its one- and two-bedroom units range from 544 to 1,022 square feet.
Riverfall Apartments is a nine-building, 144-unit complex on almost four acres at 7879 Riverfall Dr. in Dallas. Riverfall’s one- and two-bedroom units, including townhouses, have average rents of $658. Units in the 93 percent occupied complex range from 477 to 880 square feet.
King Properties will manage and lease the properties in-house. Apartment Realty Advisors in Dallas assisted with the transaction.
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