A Virginia-based investor has snapped up a North Texas transit-oriented development.
Rowlett Station is a luxury rental community that opened last year in downtown Rowlett. It’s near a DART rail transit stop. The 302-unit apartment property was developed by Dallas’ Zale Properties.
Rents in the community start at just under $1,500 a month.
TTI Capital, a company that already has Dallas-Fort Worth holdings, acquired Rowlett Station.
The just-completed sale was marketed and financed by Institutional Property Advisors. Institutional Property’s Will Balthorpe, Taylor Hill, Drew Kile, Joey Tumminello and Michael Ware brokered the deal.
TTI Capital has acquired 4,000 apartments nationwide and manages $900 million in assets.
The investor also owns other North Texas rental communities, including the Travis in Frisco, the Riley in Richardson and the Carolyn in Las Colinas.
The D-FW area is the country’s top apartment investment market with more than $12 billion in sales in the first half of 2022.