Trion Properties acquires 471-unit multifamily property in Dallas suburb

Trion Properties announced the acquisition of Riverbend Apartments, a 471-unit multifamily asset in Lancaster, Texas.

Riverbend Apartments is a 471-unit, garden-style, multifamily community that features spacious floor plans and multiple amenities, including three swimming pools. The community is comprises 181 one-bedroom units (38 percent), and 290 two-bedroom units (62 percent). Once two separate properties, Riverbend now consists of The Riverbend section with 143 units (30 percent) and the Hunter’s Creek section with 328 units (70 percent). The transaction was an off-market deal sourced through Trion’s extensive broker relationship network.

Lancaster is located near the Dallas Inland Port, with the surrounding submarkets becoming a hot spot for industrial development, with more than 100 million square feet of class-A industrial space within a 10-mile radius – 30 percent of which was built within the past 5 years and 15 million square feet under construction.