The company owned and operated the 228-unit site for six years. Buyer and price were not disclosed.
“The Connor Group expects to provide a 60-percent return to its investors in the property,” the company said.
The company is still looking for properties in both of its Texas markets, Dallas and Austin. It owns and operates seven properties in Texas – four in Dallas and three in Austin. It has sold eight properties since its last acquisition, which happened in December.
“The fact of the matter is, it’s a sellers market,” Connor Group managing partner Larry Connor said in his company’s statement. “It’s much easier and much more advantageous to sell than it is to buy right now. That said, we really like Texas and we’ll do more acquisitions there. It’s just harder to find them right now.”
The Connor Group has some $1.5 billion in assets and is building a new headquarters at Dayton-Wright Brothers Airport in Miami Twp. It specializes in high-end apartments and owns and operates more than 14,000 units.