October 10, 2018
Prasiti Asset Manager of Plano, TX agreed to a deal with San Diego-based CEG Multifamily LLC to acquire Retreat at Western Hills, a 14-building, 224-unit apartment complex in Temple, TX. The new owner acquired the mid-1980s property at 601 N. Twin Oaks Dr. in the central Texas city through a value-add play.
“The property is in a great centralized location, surrounded by the region’s top employers. There’s terrific potential to boost rents with the right capital investments, and opportunities for great long-term upside,” said JLL’s Zar Haro. Haro teamed with JLL colleague David Fersing to represent the seller in the transaction.
Retreat at Western Hills is situated on 9.5 acres, and offers one, two and three-bedroom units, ranging from 587 to 1,178 square feet. On-site amenities include a resort-style swimming pool, fitness center, resident clubhouse and clothing care center.
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