DFW Fundamentals Conducive to Housing Push
American Landmark is capitalizing on the inherent suburbanization of the DFW MSA facilitated by the recent completion and opening of State Highway 360, with access to downtown employment centers.
MANSFIELD, TX—Advenir at Mansfield, a 334-unit garden-style apartment community, is soon to get a facelift. The property will undergo $1.5 million in improvements after its acquisition by American Landmark.
This is the firm’s 19th acquisition in Texas and its second in the Dallas-Fort Worth metro area. American Landmark, and its debt and equity partner Electra America, are selectively acquiring value-add properties in strategic locations across the Southeast and Southwest. The firm’s property portfolio currently consists of approximately 23,000 apartments in five states. It expects to complete $1.5 billion in multifamily acquisitions in 2018. All of its newly acquired properties are upgraded with amenities requested by the broad renter pool.
American Landmark plans to make improvements to unit interiors and community amenities, including new kitchen backsplashes, flooring and lighting fixture upgrades in bathrooms. Community amenities include improvements to the clubhouse, fitness center and swimming pool, as well as the introduction of a package delivery system.
“We are excited for this Dallas-Fort Worth acquisition to be our last closing of the first half of 2018, in which we have over $750 million in acquisitions,” Joe Lubeck, CEO of American Landmark, tells GlobeSt.com. “We have had continued success in the Dallas market and we plan to take this property to the next level of finishes, amenities and services. Our focus as a company is on continued expansion in areas where there is job and population growth, and where we can fulfill our mission of providing great homes and lifestyles to our residents.”
Built in 2010, Advenir at Mansfield is located at 370 North State Highway 360. One-, two- and three-bedroom units include walk-in closets, washers/dryers and balconies/patios. Community amenities include a billiard room, a business center with Wi-Fi, pet park, and a pool with poolside bar and grilling station.
“The Dallas-Fort Worth area has always been an attractive market, more so with its economy expanding and record low unemployment. These fundamentals are conducive to continued demand,” said Christine DeFilippis, chief investment officer of American Landmark. “We are capitalizing on the inherent suburbanization of the DFW MSA facilitated by the recent completion and opening of State Highway 360, providing quick access to downtown employment centers while nestled in Mansfield’s local amenities and attractions.”
Indeed, Texas 360 and East Broad Street are minutes away and the property is located near vital transit routes and employment hubs. Mansfield Sports Complex and Vernon Newsom Stadium are also less than five minutes away and Methodist Mansfield Medical Center is less than 10 minutes away.
Senior managing director Mitch Sinberg and associate director Matt Robbins of Berkadia South Florida, along with senior managing director Bob Falese and senior director Matt Cullison of Berkadia’s Philadelphia office, arranged the loan on behalf of American Landmark.