Boston investor acquired the Preston of the Park Cities retirement community on the Dallas North Tollway.
Investors have snapped up an exclusive North Dallas retirement community.community is on the Dallas North Tollway at Sherry Lane in the Preston Center district. Built in 2016, the eight-story seniors project includes 129 residential units.Now the residential project has been acquired by a company represented by Boston-based AEW Capital Management, county deed records show. A Silverstone executive confirmed the sale.
Terms of the transaction were not disclosed. The building is valued for property taxes at $44 million. The Preston of the Park Cities includes a spa and salon, fitness center and gourmet dining facilities. It has studio, one-bedroom and two-bedroom units, and it offers both assisted-living and memory care.sold a stake in the company to investor Compatriot Capital, a subsidiary of Dallas-based Sammons Enterprises.
AEW Capital Management — the new owner of Preston of the Park Cities — is a more than 40-year-old investment manager with over $89 billion of property and securities in North America, Europe and Asia.
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