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A joint venture between SPI Advisory and FCP has acquired Crest Manor, a 600-unit apartment community located in Lewisville, Texas, a submarket of Dallas. The property was sold in an off-market transaction. The sale price was not disclosed.

The joint venture has had its eyes on the 559,885 square foot community for the last five years, with the partnership discussing the acquisition of the property with the original owner and developer over that time. The deal was made through the assumption of long-term HUD financing and a blended interest rate of 3.6 percent and over 30 years of terms remaining. Yardi Research Data shows the financing notes totaled $36.7 million and $32 million from 2020 and 2022, respectively. Gershman Mortgage originated both loans.