Denton: Class B 200-unit Kingswood Apartment $10M buyDenton: Class B 200-unit Kingswood Apartment $10M buyhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=15512015-03-06T06:52:00Z2015-03-06T00:00:00Z

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.

Dallas-Fort Worth-Arlington
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