DALLAS–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.”