(Read more on the multifamily market.)
DALLAS-A Concierge Asset Management LLC-affiliated partnershiphas jumped into a value-add play in East Dallas, acquiring the656-unit Honey Creek Apartments for slightly less than its$19.5-million assessment. The acquisition is tag teamed with thefirm's decision to open a local office.
Concierge Asset Management is and will continue to beheadquartered in Tiburon, CA and Houston so the second Texaslocation is a strong show of confidence in the marketplace andsolidified by its decision to buy the 22.4-acre Honey CreekApartments at 11611 Ferguson Rd., according to CEO Ted Kerr. "Weare very bullish on the combined metropolitan area of Dallas/FortWorth," he says, "and we believe Honey Creek's submarket is wellpositioned for economic growth."
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