Tri-City Equity Group has acquired Kings Landing, a 64-unit multifamily property in Mansfield, TX. The price was not given out.
Currently 100% occupied, Kings Landing has 64 units, with 48 units completed in 1975 and 16 units completed in 1985. The property consists of all one- and two-bedroom floor plans, with an average unit size of 765 sf. All units have individual HVACs, and a portion of the units have been upgraded.
Located just one mile from downtown Mansfield, Kings Landing enjoys a strategic location that provides convenient access to major transportation routes, including State Highway 360 and US Highway 287. The city’s proximity to major employment centers such as Dallas/Fort Worth and the Mid-Cities provides a consistent flow of potential tenants who are actively seeking quality housing options in a convenient location. Mansfield stands out as one of the most desirable rental environments in the Dallas/Fort Worth area, thanks to its strong demographics and exceptional quality schools.
The buyer’s plan is to continue renovating interiors by upgrading countertops, appliances, flooring, fresh paint, ceiling fans, and installing tech packages. Also, they plan to improve the exterior condition by repairing balconies, landscaping, fresh parking stripes and installing covered parking spaces.
Doug Banerjee and Sterling Warren with Greysteel represented the seller, 1300 Dallas LLC, and secured the buyer in the deal.
