A huge rental community in Lewisville has changed hands, a transaction between a Dallas-based developer and a New York-based buyer.
Hebron 121 Station, a 90-acre resort-style apartment community that sits at the northeast corner of Interstate 35E and the Sam Rayburn Tollway was sold by the Huffines Communities. The buyer was EastSky Properties, which has multifamily rental investments valued at more than $1.3 billion. Terms of the deal were not disclosed and commercial property firm CBRE brokered the sale.
Developers Don and Phillip Huffines, identical twin brothers, started construction on the $300 million community in 2007. Four years later, the first phase opened with 250 units. Over the years, the development grew to 1,429 apartment and townhome units.
Denton County Transit Authority Rail Station provides the community with a big transit amenity. Residents are within walking distance to the DCTA A-Train line at Hebron Station, a 21-mile commuter rail line that connects Denton and Dallas counties.
Other amenities include an 8,000-square-foot fitness center, four pools with sand beaches, palm trees, dog parks, grotto waterfalls, a huge swim-up bar, cabanas, outdoor kitchens, an on-site restaurant, and a convenience store.
“My brother Don and I have spent a decade creating Hebron, making certain it was the best in all categories,” Phillip Huffines said in a statement. “Not having financial partners allowed us to truly implement our unique vision to create an exceptional community in the heart of the D-FW Metroplex.
“It was a difficult decision to sell, but with the help of CBRE, we were able to select a buyer who shares our vision and passion for the community. We will forever be connected to this beautiful property and the City of Lewisville.”
Hebron 121 Station has a unique coastal architectural style typically found in homes in Key West and the Caribbean. Interior touches include vaulted ceilings, glass and quartz countertops, showers, elevators, carpeted corridors, and extra sound attenuation.
“When we first toured Hebron, we were overwhelmed with the attention to detail,” Chaim Kiffel, EastSky principal, said in a statement.
The coming months will be eventful for Don Huffines, who will challenge Gov. Greg Abbott in the 2022 Republican primary. According to the company’s website, Don Huffines also has launched an independent venture with his new company, Huffines Enterprises, Inc., and is no longer affiliated with Huffines Communities.
