Virginia Company Buys 908-Unit Irving-Las Colinas Apartment Complex

Virginia-based Harbor Group International has added yet another massive apartment complex to its growing portfolio.

The company recently made one of the largest single apartment purchases in North Texas this year by buying the 908-unit Alesio Urban Center, according to Dallas County deed records. Built in 1987, the property is located at 385 E. Las Colinas Blvd. in Irving and features apartments that range in size from 573 square feet to 2,088 square feet. Rents also range from $745 per month to $3,895 per month.

Though terms of the deal were not disclosed, the buyer did take out a $117.6 million loan from New York-based KREF Lending, according to county records. The property was sold by an entity connected with Chicago-based LaSalle Investment Management, an independent subsidiary of global commercial brokerage JLL. LaSalle Investment Management had owned Alesio since 2015 and had made a number of renovations to the property.

Read the full story at Dallas Business Journal.