LONGVIEW - The Longfellow Arms apartment complex at 115 E. Hawkins Pkwy. has changed hands as part of a transaction that included 11 Texas properties and set a record with the U.S. Department of Housing and Urban Development (HUD).
Atlas Residential spent $250 million on the 2,400-unit multifamily residential portfolio. Pillar Income Asset Management previously owned the properties. The 11-property portfolio includes apartments in Dallas, Houston, Midland-Odessa and El Paso.
The Longfellow Arms complex is appraised at $9.41 million and is situated on 12.71 acres, according to the Gregg County Appraisal District. Atlas says it will make “cosmetic enhancement and physical upgrades” at the properties. The upgrades will mean residents who want the upgrades will see rent increases from 3 percent to 5 percent.
Atlas is moving into the Longview market at a time when several new upscale complexes are under construction.
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