Lion Real Estate Group has acquired Trinity, a 496-unit multifamily property located at 1147 Esters Road in Irving, Texas. Terms of the sale were not disclosed.
Trinity, formerly known as Trails of Towne Lake, was first built in 1984. Units range from 637 square feet to 1,152 square feet with a mix of one- and two-bedroom units, and the property offers several amenities, including a resort-style pool and fitness center. The property recently completed exterior upgrades and is undergoing interior refurbishments as part of a $4.5 million renovation program to increase curb appeal and bring rents in line with market value.
The Trinity transaction marks LREG’s first investment from its newest fund, LREG Multifamily Fund II, which recently raised $118 million from a mix of high-net-worth and institutional investors. Consistent with LREG’s thematic focus, the fund targets multifamily housing properties in strong economic growth areas with convenient access to urban cente