AUSTIN--Austin-based The PPA Group has just closed the purchase on Newport Apartments, a 308-unit multifamily property in Irving.

The property is located on North Belt Line Road, a seven-lane main street with high visibility.

“We are very excited to add this property to our growing portfolio,” says John A. Latham, CIO of The PPA Group. “Newport is in a very attractive location in a strong submarket, and the current economic metrics are already outperforming our projects.

“We are confident that the residents will love the renovations we have planned, and we believe our investors will be happy with the results here.”

In addition, the company is looking to expand its reach in the DFW area.

“We are looking to increase our footprint in the DFW area and we are actively pursuing other opportunities there,” Monte K. Lee-Wen, president and CEO, The PPA Group, told GlobeSt.com.

Built in 1981, the property had undergone some unit renovations with the previous owners. The PPA Group plans to complete the renovations, add to the existing amenities with an outdoor kitchen and dog park, and upgrade the play structure and exterior of the property.