Trion Properties has purchased Riverbend Apartments, a 471-unit garden-style community in Lancaster, Texas, from Ambo Properties, Yardi Matrix data shows. According to the same source, the buyer also took out $40.2 million in acquisition financing from First-Citizens Bank & Trust Co.
The suburban Dallas asset, comprising two formerly separate properties—the 181-unit Riverbend and the 328-unit Hunter’s Creek—changed hands in an off-market deal marking Trion’s entry into the state.
Completed in 1984, the community encompasses 43 one- and two-story buildings spread across 28.8 acres. Units include one- and two-bedroom floorplans, ranging from 695 to 1,085 square feet. Common-area amenities comprise a playground and three swimming pools, along with 800 parking spaces.
Located at 1000 River Bend Drive, the community is close to Lancaster Plaza and Blue Grove Plaza, two shopping centers with numerous dining and retail options. Downtown Dallas is 16 miles northwest and DFW International Airport is some 32 miles away.
Multifamily sales in Dallas amounted to $3.6 billion year-to-date as of October, a considerable decline from the $7.1 billion registered during the same period of last year, Yardi Matrix shows. In one of the more recent deals, The Paskin Group acquired a 207-unit community, through a 1031 exchange.
