Lagovent Real Estate Group has acquired two Class B Dallas-area apartment complexes totaling 952 units for a total consideration of $40.5 million. The seller was the Frankel Family Trust of Anaheim, Calif. \u201cThese are core assets with stable cash flow which will provide our investors with risk adjusted, double-digit first-year returns,\u201d Lagovent managing partner Konstantin Glasmacher said in a prepared statement. \u201cThese types of multi-family assets fit nicely into our national real estate strategy, which focuses on very specific location and asset attributes.\u201d The two properties are Camelot Village, a 512-unit complex in Mesquite, Texas, and Wimberly Park, a 440-unit complex in Duncanville, Texas. The garden-style properties, built in the 1980s, reportedly have little or no deferred maintenance and have had steady occupancy rates of over 90 percent. Both properties are adjacent to interstate highways and both feature business centers, gyms, swimming pools and playgrounds. \u201cThese properties are immaculate,\u201d Lagovent vice president John Swartz told CPN today. \u201cThey\u2019re really the upper end of Class B.\u201d Although Lagovent often focuses on Class B properties with value-add opportunities, he explained, in this case the properties won\u2019t need a significant capital infusion. The tenant mix, Swartz added, is a good cross-section of singles, couples and families with children, and has a history of low turnover. Los Angeles-based Lagovent Real Estate Group sponsors a range of property investment vehicles and focuses on U.S.-based multi-family investments and on capital preservation and value enhancement.<\/p>\n","protected":false},"excerpt":{"rendered":"
Lagovent Real Estate Group has acquired two Class B Dallas-area apartment complexes totaling 952 units for a total consideration of $40.5 million. The seller was the Frankel Family Trust of Anaheim, Calif. \u201cThese are core assets with stable cash flow which will provide our investors with risk adjusted, double-digit first-year returns,\u201d Lagovent managing partner Konstantin…<\/p>\n","protected":false},"author":1314,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37301],"tags":[],"class_list":["post-1003803222","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"yoast_head":"\n