December 7, 2016
TriGate Capital sold the 292-room Magnolia Dallas Park Cities to DRW Real Estate Investments, operating under the name 6070 NCX LLC. The buyer is a value-add investor based in Chicago. The HFF team representing the seller was led by John Bourret and Austin Brooks. The sales price was undisclosed, with the Dallas Central Appraisal District valuing the asset at $21.3 million.
Located at 6070 N. Central Expy., the more than 45-year-old property has undergone multiple renovations and updates totaling $10.1 million in 2012, 2013 and 2015. The hotel’s amenities include 12,000 square feet of function space, a fitness center, indoor pool, and onsite restaurant and lounge.
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