Candlelight Park

Candlelight Park is well-located in a quiet residential area of Duncanville right off US-67, 1.75mi south of the key I-20 interchange. This convenient spot offers rapid access to extensive industrial and distribution jobs along the I-20 corridor, while sitting apart from a denser concentration of multifamily units further north by the US-67 / I-20 interchange. North of the interchange, the Redbird Mall Redevelopment, a $200M upgrade to the Southwest Center Mall, hosts extensive national retail.

Candlelight Park was originally marketed as part of a three-property portfolio that stalled as the market cooled late in 2022. Lone Star continued to track the deal, positioning us to move on the opportunity as pricing softened more recently. In addition, our previous transaction history with both this broker and the Houston-based seller helped to reassure the seller and secure the deal.

The previous owner accumulated a large portfolio relatively quickly and is currently unloading several assets to raise capital. Candlelight has fell through the cracks at their management arm, contributing to rental losses and held back the asset from reaching its potential.

All units will be renovated to a premium finish with in-unit washer/dryers, stainless appliances and new resurfaced counters.