The 342-unit property is located in the Stone Oak submarket.
Financial details of the transaction were not disclosed. But with the closing of Sonterra Blue, the real estate investment firm has closed or placed under agreement more than $1 billion in transactions this year.
And earlier in April, the company sold L2 Uptown Apartments in Dallas for what was then its seventh deal of the year.
The firm acquired the property in May 2020 and after just shy of two years, the deal provided investor returns nearly five times larger than original projections, the Connor Group said. Again, financial details were not disclosed.
“L2 Uptown provided us a unique opportunity to enter a submarket we had been interested in for quite some time,” managing partner Larry Connor said in a release. “While the majority of companies were running to the sidelines, we were all in.”
The Connor Group focuses on finding apartment properties nationwide that company leaders believe are poised for future appreciation and ripe for investment. They acquire the properties, focusing on improvements, then sell when they believe the time is right.
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