A Boston investor bought part of the $ 1 billion Frisco Gate development.
San Antonio-based developer Embrey Partners LLC has sold their 350-unit estate in The Gate Apartments to TA Realty.
The rental community is located on the west side of the Dallas North Toll Freeway, off of John Hickman Parkway.
“This is a luxury property in a prime location next to the Star District, home of the Dallas Cowboys and widely known in the area for its easy access to top quality dining and entertainment,” John Kirk, Managing Director and Executive Vice President of Development for Embrey. “The Frisco region is considered one of the most powerful submarkets of D-FW Metroplex and a highly desirable location for corporate offices. “
Domain at The Gate Apartments feature a courtyard with swimming pool and outdoor kitchen, a two-story fitness center and a dog park.
The Walker & Dunlop commercial real estate company negotiated the sale. Terms of the sale were not disclosed.
Embrey will continue to manage the property.
Embrey Partners since 1974 has developed over 42,000 apartments and over 6 million square feet of commercial properties.
TA Realty has managed over $ 30 billion in real estate.
The purchase of Frisco is TA Realty’s second recent purchase in North Texas. In mid-November, the company acquired five business park properties around the D-FW from Dallas-based commercial real estate firm Holt Lunsford Commercial.
Embrey Partners purchased the land for the Frisco project from Dubai-based Invest Group Overseas, which is developing the 49-acre The Gate mixed-use project.
Invest Group Overseas announced the details of The Gate in 2014 with plans to build over 2.3 million square feet.
The project is part of Frisco’s alleged $ 5 billion mile which includes the Star and Frisco Station developments.