CityLine Apartments Sell to Atlanta-based Investor

One of the new apartment communities in Richardson's $1.5 billion CityLine project has already changed hands.Atlanta-based Carter-Haston Multifamily Investment & Management has purchased the Anthem CityLine apartments at State Street and Plano Road.The 233-unit rental community is just across the street from State Farm Insurance's huge regional campus that anchors the 204-acre CityLine project."Anthem CityLine is just the kind of luxury residential community we aim to acquire, and it's set in an ideal location with unlimited amenities and resources," Ashley Allen, marketing and training director for Carter-Haston, said in a statement. "We're looking forward to establishing a mutually beneficial relationship with CityLine and partner on upcoming events."Dallas-based apartment developer JLB Partners built the Anthem CityLine project. KDC is the developer of the overall mixed-use project located on the south side of Bush Turnpike at Plano Road.Terms of the apartment sale were not disclosed.CityLine has 1,900 apartment and town home units, with two new projects still under construction.Carter-Haston owns more than 9,000 apartments valued at more than $1 billion in Atlanta, Georgia; Tampa, Florida; Charleston, South Carolina and Dallas.The investor owns the Eastside Village apartments in Plano.The CityLine apartment sale is the second recent property purchase in the huge Richardson development.Late last year the four State Farm Insurance office towers sold for $825 million to a partnership of Asian and U.S. investors.  Continue reading...