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DENTON, TEXAS — Dallas-based private equity firm SPI Advisory has acquired a portfolio of two multifamily properties totaling 248 units in the northern Dallas suburb of Denton. The two properties are Lana Apartments and Aspire Apartments. Mark Allen of GREA represented the seller, Legacy REI, in the transaction. Fritz Waldvogel of Colliers Mortgage originated an undisclosed amount of Fannie Mae acquisition financing for the deal.
Lana Apartments was originally constructed in 1981. The garden-style community features 116 apartments. Aspire Apartments comprises 132 units. The property was built in 1970 and has undergone multiple capital improvement programs over the past two years.