Sun, Apr 20, 2014 21:15
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Texas Real Estate Activity continues for Ohio Firm

Texas Business reports: ARLINGTON--A month after acquiring a new property in Texas, The Connor Group sold one of its other properties in the Lonestar State.

 The Centerville, Ohio-based real estate investment firm recently closed the sale of Legacy Point, a 246-unit luxury apartment community in Arlington.

MREF Legacy LLC purchased the property for an undisclosed amount.

The Connor Group purchased Legacy Point in 2007 for $25.2 million. The property, built in 1995, is located less than three miles from Cowboys Stadium and The Ballpark at Arlington.

 “We were at a point where we felt we could maximize our return to investors,” said Connor Group managing partner Larry Connor in a prepared statement. “It’s a high-quality community in a fantastic location. We’ll continue to look there and in other submarkets in Texas.”

 The transaction came on the heels of the company’s March acquisition of The Lodge at Frisco Bridges in Frisco, Texas – another Dallas submarket.

 The Connor Group now owns and operates approximately 2,100 units in the Dallas area. The company started in 1991 with $400,000 to purchase three apartment communities. It now owns more than $1.3 billion in assets.