Part of the purchase includes 114 apartment units and 130,000 square feet of office and retail space. Cinemark at Frisco Square and approximately 2.3 acres of vacant land adjacent to the theatre were also acquired.
“We are pleased to expand our footprint in the Dallas metropolitan area, particularly in a high growth area like Frisco,” said David Johnson, MRTI’s Chairman and CEO, in a news release. "We believe we acquired Frisco [Square] at an attractive price and that the surrounding investment and development and walkable amenities add long term appeal to residents and tenants.”
MRTI CFO Ryan Snyder said there are no concrete plans for the vacant land acquired but he said MRTI is evaluating a number of ways to utilize the land that would probably be in the form of office and retail space.
MRTI owns properties in nine states. MRTI has ownership interests in 26 multifamily properties and has 40,412 square feet of retail space.