From The Real Deal:
Rowan Multifamily Advisors, known as RMA, brokered the transaction. The price wasn’t disclosed. The complex was appraised for tax purposes this year at $13.5 million, according to the Dallas Central Appraisal District.
Trion is a value-add buyer, and the firm has plans to renovate the interiors of Riverbend. The firm holds properties in California, Oregon, Colorado, Georgia, North Carolina and Florida.
RMA had been in talks with Trion for a couple of years, said Rowan Burch, one of the firm’s lead brokers.
“They saw a lack of competitive bidding on some value-add deals in Texas, so they thought it would be a good time to buy their first deal,” Burch said. “The size and metrics checked out, and they wanted to be aggressive.”
Lancaster is less than 20 miles from downtown Dallas and has a strong medical presence, and multifamily hasn’t been overbuilt there.