ARA Newmark Brokers Sale of Apartment Complex in Metro Dallas

RICHARDSON, TEXAS — ARA Newmark has brokered the sale of Jefferson Center, a new 360-unit, Class A apartment community in the Dallas suburb of Richardson. The property was 94 percent occupied at the time of sale. ARA Newmark’s Richard Furr, Brian O’Boyle Sr., Brian Murphy and Brian O’Boyle Jr. represented seller, JPI, in the transaction. California-based buyer Frankel Family Trust plans to rename the community Estates of Richardson. The Frankel Family Trust is adding a lighted tennis court and community building that will contain an indoor basketball court, racquetball court, fitness areas and table tennis. Constructed in 2015 by JPI, Jefferson Center fronts the George Bush Turnpike/Highway 190 and features a swimming pool with water features, two playgrounds, a jogging path, bocce ball court, horseshoe pit, sand volleyball court, dog park and an outdoor theater. Units average 943 square feet and feature one-, two- and three-bedroom options.