TTI Capital has acquired The Travis, a 354-unit community in Frisco, Texas, financing the purchase with a $73.4 million loan from ACORE Capital, according to Denton County records. Developer Westwood Residential sold the Class A property, Yardi Matrix data shows. Working on behalf of the buyer, Institutional Property Advisors secured the three-year, interest only acquisition note.
Westwood broke ground on the project in 2019. PNC Bank provided the developer with a construction loan of $37.2 million, according to Yardi Matrix.
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Completed in 2021, the four-story community encompasses a mix of one-, two-, three- and four-bedroom apartments averaging 890 square feet. Interiors feature modern finishes with washers and dryers in all units. Common-area amenities include a swimming pool, a clubhouse, a fitness center, grilling stations, a community yard, storage units and lockers and covered parking.
Located at 900 Gordon Heights Lane, the property is 8 miles from downtown Frisco, just south of U.S. Route 380. The surrounding area has various dining and shopping options, as well as several entertainment venues.
IPA Executive Managing Director Brian Eisendrath, Senior Managing Director Cameron Chalfant and Managing Director Jesse Garson Zarouk represented the buyer. Earlier this month, another IPA team brokered the sale of a Texas five-property portfolio totaling more than 1,400 units.