News: East Coast investor snaps up one of D-FW’s largest rental communities
May 24, 2021
Written by Steve Brown with The Dallas Morning News
“A New York investor has bought one of North Texas’ largest apartment communities.
The Hebron 121 Station rental community is a 90-acre property in Lewisville with 1,429 apartments.
A project of Huffines Communities, the huge rental community is at the northeast corner of Interstate 35E and Bush Turnpike. The development is served by a Denton County Transit Authority Rail Station.
The $300 million apartment community started construction in 2007. The first phase opened in 2011 with 250 units.
EastSky Properties purchased Hebron 121 Station from developers Donald and Phillip Huffines. Terms of the transaction were not disclosed.
Commercial property firm CBRE brokered the sale.
“My brother Don and I have spent a decade creating Hebron, making certain it was the best in all categories,” Phillip Huffines said in a statement. “Not having financial partners allowed us to truly implement our unique vision to create an exceptional community in the heart of the D-FW Metroplex.
“It was a difficult decision to sell, but with the help of CBRE, we were able to select a buyer who shares our vision and passion for the community.”
Hebron 121 Station includes four pools with sand beaches, palm trees, fountains, boardwalk, fishing, entertainment lounges and an on-site restaurant and convenience store. There are also dog parks, a 10,000-square-foot clubhouse and leasing center and a two-story, 8,000-square-foot fitness center.
EastSky Properties owns and operates more than 8,500 apartments across the U.S. valued at more than $1.3 billion.
“When we first toured Hebron, we were overwhelmed with the attention to detail,” Chaim Kiffel, EastSky principal, said in a statement. “This unique property can never be reproduced, and we are very excited to carry on the Huffines’ passion and vision for the community.”
The Hebron 121 Station sale is the latest in a string of large apartment investment deals in the Dallas-Fort Worth area.
North Texas leads the U.S. in apartment sales. During the 12-month period ending with first-quarter 2021, investors snapped up $9.6 billion in D-FW apartments, according to a new report by commercial real estate firm Newmark.”