Denton: Class B 200-unit Kingswood Apartment $10M buy

DENTON – The 200-unit Kingswood Apartments at 3400 Joyce Lane has been sold for $10 million.

Built in 1982, the Class B community, which averages 95 percent occupancy, is located three miles from University of North Texas and two miles from Texas Woman’s University.

Kingswood Apartments offers one- and two-bedroom units ranging from 632 sf to 792 sf. Rent varies from $650 to $815.

Kingswood Circle LLC, a partnership between Mike Wells and Robert Aiello, acquired the asset from an out-of-state owner for $10 million. Wells Asset Management managed the property for the previous owner for 20 years before purchasing it.

According to Aiello, the duo will invest $700,000 towards improvements to the property, aiming to increase the per unit rate by $100-$125 a month.