The Multifamily Group (TMG) recently sold the 250-unit Arbors Edge in Killeen. TMG managing partner Paul Yazbeck worked with the Illinois based seller and procured the buyer in a deal that’s reportedly the largest apartment trade in Killeen this year.
The sale marks TMG’s 14th transaction in the Killeen market in the past three years and the firm says it was especially challenging, given the available debt financing for distressed properties.
“We’re excited to be able to help clients with their disposition and acquisition plans, and this deal required both parties to work creatively and collaboratively to get this deal closed during the pandemic,” said Yazbeck.
Arbors Edge was built in 1966 and provides an opportunity for the new owner to re-position the property by doing both interior and exterior renovations. Wehner Multifamily will be taking over third-party management for the property.