HLC Equity has sold Toscana Apartments, a 192-unit multifamily community in Carrolton, Texas, a sub-market of Dallas. HLC acquired Toscana in 2017 for $13.25 million.
The new owner and financial terms were not disclosed.
“When we originally purchased Toscana, we recognized the solid value proposition that the property offered given its strong location, and our ability to execute a value-add business plan. We are happy to have been able to deliver above market returns to our investors and to HLC Equity principals,” said Daniel Farber, CEO of HLC Equity.
Toscana’s average monthly occupancy rate was more than 94 percent, including 99 percent at the time of sale. Rent growth rose 25 percent from acquisition to sale, while the price-per-door increased significantly during that same period. Both show considerable growth in long-term equity, as well as critical monthly cashflow.
Renovations include more than 25 percent of the units (generatin
