12/20/2007

Grubb & Ellis directs $18M sale of Texas apartments

by

Villas of El Dorado Apartments

El Dorado Apartments, LLC has sold the Villas of El Dorado Apartments in McKinney, Texas for $18 million to Santa Ana, Calif.-based Triple Net Properties.

The seller was represented by Arthur Kline of Thompson Realty while Jay Olander of Grubb & Ellis represented Triple Net.

Built in 2002, the 248-unit apartment complex is located at 3250 Hudson Crossing and consists of 12 three-story buildings and 192,912 square feet. It is situated on 13.7 acres and is currently 98 percent occupied.

McKinney is located approximately 35 miles north of Dallas and has a population of 102,853, according to the U.S. Census Bureau.

Kline is the Director of Leasing and Marketing for Thompson, a subsidiary of Equitable Real Estate Investment Management. He joined the company in 1992 after serving as the executive VP of DJT Investments, development assistant with the Jim Croker Companies and an associate with the Fults Companies. He is a graduate of Austin College and Southern Methodist University.

Address: 3250 Hudson Crossing, McKinney, Texas

Size: 248 units/192,912 square feet

Built: 2002

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Filed Under: Multi-Family

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