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The 90-acre multifamily development known as Hebron 121 Station in Lewisville landed in the hands of a new owner this week.
The Huffines Communities development, which comes with 1,429 apartment units, sold to East Coast-based multifamily investor EastSky for an undisclosed amount. Brothers Donald and Phillip Huffines were the official sellers of the resort-style residential community.
Hebron 121 is one of the largest transit-oriented developments in the North Dallas suburbs. Located near Interstate Highway 35 East, State Highway 121 and the President George Bush Turnpike, the complex is adjacent to city-owned land that offers area residents access to hike and bike trails and green space.
The Huffines brothers launched Hebron 121 in 2007. The first 250 units opened in 2011, followed by several additional phases over the years to bring it over 1,400 apartments.
The Lewisville/Flower Mound apartment market had 1,165 units under construction at the end of Q1, according to CBRE data. Year-over-year rent growth was up a slight 0.8% as occupancy hovered at 94.1%, both a hair above the DFW area averages of 0.3% year-over-year rent growth and 94% occupancy.
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