(DALLAS—April 7, 2020) Allen Multifamily Team’s Multifamily Services Team of Mark Allen and Courtland Charles announced it has facilitated the sale of Bella Oaks, a two-story 160-unit multifamily community located at 300 Lake Lamond Road in Longview, Texas. The property was sold for an undisclosed amount.
“Investors are continuing to vocalize that North Texas is a preferred market for multifamily assets,” said Mark Allen, senior vice president with Allen Multifamily Team, who represented the seller and attracted a California 1031 Exchange buyer. “The buyer plans to reposition the asset for maximum returns.”
Built in 1971, Bella Oaks features one to three-bedroom apartments ranging from 688 to 1,088 square feet with granite countertops and walk-in closets. Community amenities include a pool, playground and on-site laundry facilities.
“Demand for multifamily in Texas is still palpable,” said Courtland Charles, an associate with Allen Multifamily Team. “Local and out of state investors continue to see the state as a phenomenal market to park capital in.”
Bella Oaks offers residents quick and easy commutes to top employers of Longview including Eastman Chemical, Trinity Rail and Good Shepherd Medical Center. The convenient location also provides tenants excellent access to retail and entertainment venues located at Longview Mall and in downtown Longview.