California Investor Sells 386-Unit Vintage Multifamily Property in an Off-Market Transaction

Features February 13, 2026| | Amy Wolff Sorter

California-based Winstar Properties ended its five-year hold on the 386-unit Lake Lofts (formerly the Parque Rio Apartments), a 1960s multifamily property located on the east side of Dallas, TX. The seller, which had held the asset for five years, struck a deal with a local buyer in an off-market transaction.

The Multifamily Group’s (TMG) Guillermo Gameros brokered the exchange of the property, which had been on the market for a long time, with another firm. “We identified operators who specialize in this market and highlighted the value-add potential of the asset,” Gameros told ApartmentBuildings.com.

He explained that TMG brought the deal to the closing table by keeping all parties informed, making and keeping to a game plan and developing “creative solutions that everyone agreed on while coordinating these solutions with respective attorneys.”

Lake Lofts is at 2795 N Buckner Blvd. and sold for north of $28 million. Winstar put the asset up for sale due to an upcoming interest-only loan burn-off rate. Meanwhile, TMG structured a Fannie Mae loan assumption to finance the acquisition. “In cases where property values have dropped, it’s more advantageous to assume notes originated three to five years ago with lower interest rates,” Gameros said. “Because the LTVs make sense, the rates are lower than what it would take to get the debt originated.”

Lake Lofts has studios and one-, two- and three-bedroom units. Community amenities include a dog run, picnic area, two play areas, a soccer field and two resort-style pools. The occupancy at closing was 52%. In addition to rebranding the property, the owner plans to perform deferred maintenance and fix delinquencies to increase occupancy and stabilize the asset.

Gameros explained that Lake Lofts received multiple offers during the bidding process. The buyer was selected because they put up hard money. Additionally, the new owner has an established portfolio and offered a day-one game plan for improvements.

“This ended up being the largest non-institutional 1960s property to trade within the past 18 months, hinting at a possible recovery in transactions,” Gameros said.

He went on to say that there are buyers for ‘60s value-add deals, at the right basis. Furthermore, loan assumptions remain a popular way to finance properties “until we see a significant reduction in interest rates,” Gameros added.

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California Investor Sells 386-Unit Vintage Multifamily Property in an Off-Market Transaction

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Brokers

Remax Professionals

Jared Ennis

Rick Recckio

Eamonn McConnell

Lenders

Management

Essex Property Trust, Inc.

Josh A

Bob Tuteur

Andrew Schildcrout