Monday, April 06, 2015

Florida investor adds to North Texas apartment holdings

Advenir plans to make more than $2 million in upgrades to the Frankford Springs apartments. (Advenir)
Advenir plans to make more than $2 million in upgrades to the Frankford Springs apartments. (Advenir)
A Florida investor plans to spend more than $2 million on upgrades to a Far North Dallas apartment community the firm just purchased.
Advenir said Wednesday that is purchased the Frankford Springs apartments at 37001 Frankford Road.
The 332-rental community is the third recent acquisition by Advenir in North Texas.
Advenir plans to make improvements to the Frankford Road property’s exterior and tenant amenities.
“Our strategy is to add value by upgrading the property to attract a discerning customer base in this high demand northwest Dallas submarket.” Todd Linden, Chief Acquisition Officer of Advenir, said in a statement.
Founded in 1996, Advenir has 8,000 apartment units valued at more than $1 billion.
It’s holdings in the Dallas area include Advenir at Foxmoor, a 495-unit rental community located on North Central Expressway near Royal Lane, and the Sycamore Tree Apartments in Oak Lawn.
Steve Brown, The Dallas Morning News