PLANO, TX-AREA Property Partners has acquired Giovanna ApartmentHomes, a 730-unit apartment community, for $54.5 million. In last60 days, the New York City-based firm has invested more than $300million in apartment properties across the US.
AREA Property Partners bought Giovanna from KC Spring CreekApartments LP. The class A property marks the firm’s firstapartment acquisition in the Dallas-Fort Worth market.
However, AREA Property Partners does have a presence in theMetroplex – it is partners with Prescott Realty Group in thedevelopment of The Shelby, a new apartment community near SouthernMethodist University, and a planned 417-unit project called TheBoulevard located nearby.
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