Touro Co. has acquired Asher Park and Rustic Ridge, two multifamily properties in Irving, Texas. Marcus & Millichap’s Institutional Property Advisors represented the seller and procured the buyer.
The properties last traded in 2018 and 2019, respectively, when TriPro Management bought them from two private sellers, according to Yardi Matrix data.
Asher Park is a 316-unit property located at 3149 W. Walnut Hill Lane. Built in 1974, the community comprises 27 two-story buildings featuring a mix of one- and two-bedroom units that range between 570 square feet and 982 square feet. Common-area amenities include a tennis court, a swimming pool, 700 parking spots and three laundry facilities.
Rustic Ridge is a 208-unit multifamily property located at 3005 W. Walnut Hill Lane. Built in 1972, the community comprises 20 two-story buildings featuring a mix of one- and two-bedroom units that range between 580 square feet and 980 square feet. Common-area amenities include a fitness center, a business center, a clubhouse, a swimming pool, 400 parking spots and two laundry facilities.
Both properties are situated within 14 miles of downtown Dallas, between DFW International Airport and Dallas Love Field Airport.
IPA’s Senior Vice Presidents of Investments Taylor Hill, Michael Ware and Joey Tumminello, Senior Managing Director of Investments Drew Kile, Associate Asher Hall and Executive Managing Director of Investments Will Balthrope worked on behalf of the seller. IPA’s Executive Managing Director Brian Eisendrath and Senior Managing Director of Capital Markets Cameron Chalfant with the company’s Los Angeles office secured financing for this transaction.
According to a recent Multi-Housing News listicle, Dallas-Fort Worth topped the nation for multifamily sales in 2021, with a total transaction volume of $14.6 billion.