Friday, February 06, 2015

Berkshire Affiliate Acquires Dallas Apts.

An affiliate of Berkshire Group has acquiredAura Medical District, a 325-unit class-A apartment community in Dallas, from Trinsic Residential Group.

Completed this year and located in the Medical District, the property will be rebranded as Berkshire Medical District. Terms of the transaction were not disclosed.

 “Dallas, in our view, is a market with solid job growth and a large educated workforce," Eric Draeger, managing director/head of transactions for Boston-based Berkshire Group, told GlobeSt.com. "Further, Aura Medical District is a high-quality, class-A residential development in a desirable, urban live-work-play setting. The community is in close proximity to major employment centers including Downtown Dallas, Uptown Dallas, Love Field and Dallas Medical District, as well as entertainment and retail. We believe these factors will prove attractive to residents and make this acquisition a compelling opportunity.”

The property is a garden-style community consisting of 10 3-story, and two 2-story residential buildings with a variety of apartment configurations. Berkshire Medical Center offers residents a clubhouse with conference centers, exercise room, business center, pool area and dog park.

Berkshire Communities, the property management division of Berkshire Group, will manage the apartment community.