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A Boston-based investor has snapped up a new Celina rental community.
The Livano at Bluewood opened last year at 2600 Kinship Parkway east of Preston Road.
The 272-unit rental community was developed by Alabama-based Liv Development at more than $34 million, according to planning documents filed with the state. The 12-acre apartment complex includes a resort-style pool, designer clubhouse, 24-hour fitness center and green space.
Units average more than 1,000 square feet, with rent starting at more than $1,500 a month.
The property was purchased by Boston-based West Shore, which has more than 14,000 rental units nationwide. With the Celina acquisition, West Shore has almost 1,900 apartments in Texas. The investor recently purchased the Sovereign Apartments in Fort Worth.
The Celina property has been renamed Atlas Bluewood.
“West Shore has now invested in two unique and well-positioned properties in the Dallas-Fort Worth region, building upon our investment model to grow our existing portfolio in the best strategic locations,” president Lee Rosenthal said in a statement. “Atlas Bluewood provides the friendliness and comfort of a small-town neighborhood in a brand-new community. "
The Celina property sale was brokered by Institutional Property Advisors. Terms of the deal were not disclosed.
The seller of the apartments, Liv Development, is also building a 300-unit rental project, Livano Canyon Falls, in Northlake.
The just-sold project is one of several new rental communities in Celina. Dallas-Fort Worth is the country’s top apartment investment market with more than $29 billion in sales last year.
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