Everything you wanted to know about the Urban Core, Uptown and Downtown Dallas, Texas & Dallas Ft. Worth Area Real Estate - Its growth, prosperity, setbacks and unprecedented revitalization is told here...Randall Turner of Harvard Companies, Inc 214-373-0007, 3500 Oak Lawn Avenue, Suite 325, Dallas, Texas 75219
Friday, February 06, 2015
Rockstreet Acquires N. Dallas' Brazos Apartments
Rockstreet Partners, a real estate private equity firm, has
acquired Brazos Apartments, a 286-unit apartment community located in Dallas.
The firm acquired the property in a joint venture with B/K Real Estate Funds
LP, a Dallas-based real estate investment and advisory firm that specializes in
multifamily properties. The property will be managed by LBK Management
Services, a wholly-owned affiliate of B/K Funds.
The 12-acre property, which was originally developed in
1998, is 94 percent occupied and situated near Plano. The Brazos’ zoning to the
Plano Independent School District and proximity to the Dallas North Tollway and
George Bush Turnpike afford residents exemplary-rated schools, and access to
major transportation arteries and employment centers throughout the area.
The partnership will implement significant unit-interior and
exterior capital improvements. The interior improvements will result in
apartments on par with newly constructed ones, but the renovated apartments
will be available at a more modest rental rate than the new ones, giving them a
competitive advantage, says Rockstreet.
“With the economics of development supporting only the more
dense and expensive ‘wrap-style’ projects, along with the area’s population
influx, our partnership believes this will work to create keen demand for ‘like
new’ apartments with rents that are affordable to the typical renter,” John
Turner, a principal at Rockstreet Partners, told GlobeSt.com.
The Plano market is currently experiencing a burst in
commercial activity, including the announcement last spring that Toyota Motor
Co. will relocate its North American headquarters to the Dallas suburb in 2017.
“The Dallas area market, in particular Plano, offers a
strong economy with employment growth and population migration far higher than
the national average,” says Turner. “We anticipate that the effects of the
economic growth in this region will cause increased demand for high quality,
late-vintage apartment properties, and we are very pleased to be expanding our
portfolio into this area.”