REIT buys gated Texas apartments

Community boasts recreation, fitness amenities

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Villas of El Dorado, a gated, 248-unit apartment community in McKinney, Texas, has sold to a real estate investment trust for an undisclosed price. NNN Apartment REIT Inc. purchased the asset from El Dorado Apartments LLC. Villas of El Dorado, which comprises approximately 193,000 square feet, was built in 2002 on 13.7 acres. There are 12 three-story apartment buildings and an additional building that houses the clubhouse and leasing office. Unit sizes range from 621-square-foot one-bedroom/one-bathroom units to 1,186-square-foot three-bedroom/two-bathroom units, with an average unit size of 777 square feet. Community amenities include a swimming pool with hot tub, business center, fitness center, barbeque and picnic area, playground and laundry facilities. Villas of El Dorado provides 410 parking spaces, including 248 carports, resulting in a parking ratio of 1.65 spaces per unit. At the time of sale, the property was 94 percent leased. ...