August 1, 2019
Saxony Capital Management acquired Pine Knoll Apartments, a 310-unit, 26-building multifamily property in Longview, TX. The St. Louis, MO buyer shook hands with Dallas seller PNK Associates Ltd. to claim ownership of the property at 2019 Toler Rd.
JLL’s Mark Brandenburg secured acquisition financing through Freddie Mac on behalf of the new owner. “Markets across Texas are delivering significant value-add opportunities,” Brandenburg said. “Statewide economic fundamentals and unprecedented population growth are driving investor demand for multifamily product to an almost fever-pitch. Pine Knoll is well-positioned to yield long-term returns with the planned strategic capital investments from Saxony and their ownership group.”
Pine Knoll has one- and two-bedroom units, measuring 738 to 793 square feet. The property delivered in 1983, and current amenities include a business center, two pools, laundry facilities and a guest apartment.
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