Frontline Holdings Expands Texas Footprint
The company acquired the 334-unit Westview Apartments in Lewisville. JLL Capital Markets arranged acquisition financing on behalf of the seller.
By Laura Calugar
Westview Apartments
Frontline Holdings has purchased Westview Apartments, a 334-unit community in Lewisville, Texas. A JLL Capital Markets team led by Managing Director Mark Brandenburg secured the necessary financing for the acquisition through a Voya Financial loan. InterCapital was the seller in this transaction.
Located at 201 W. Southwest Parkway, the property is 23 miles northwest of downtown Dallas. The 1985-built community encompasses 20 two-story buildings spread across a roughly 14-acre site, according to Yardi Matrix data. The unit mix consists of 198 one- and 136 two-bedroom apartments, ranging from 529 to 978 square feet. Amenities include:
- a fitness center
- clubhouse
- tennis and volleyball courts
- two swimming pools
- playground
- business center
- 620 parking spaces
“Multifamily product in North Texas continues to pique the interest of investors everywhere, thanks to the region’s continued growth and sound economic fundamentals. Frontline Holdings identified a great investment opportunity in Westview, which we anticipate will provide strong, long-term returns,” said Brandenburg, in a prepared statement.
This is not the first collaboration between JLL and Frontline Holdings. This spring, Brandenburg secured financing for Rock 35, a 144-unit community in Round Rock, Texas, on behalf of the California-based company.
Image courtesy of Yardi Matrix
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