DALLAS-An Ohio-based investment group has added a sixth property to its local portfolio with the $34-million acquisition of a 301-unit apartment complex near the city's Galleria shopping area. The Connor Group picked up the mix of townhome and flat-style units, known as the Reserve, in a deal with the Trammell Crow Residential Property Co.
The site drew the interest of between 20 and 30 other investors, Patrick Rini, a partner with the Dayton, OH-based buyer tells GlobeSt.com. "It's just a real jewel, just a stunningly beautiful property."
Rini says the complex's location in an area with long-term economic prospects, amenities and spacious floor plans made the acquisition a prime fit for the firm. The property features one and two-bedroom flat and townhouse-style units, each with its own one or two-car garage, along with a mix of amenities that include a resort-style swimming pool, spa and 24-hour fitness center. Lease rates for the units, which were more than 90% occupied at the time of acquisition, range from $895 to about $1,575 per month.
Rini says the complex's acquisition complemented the firm's five other Texas holdings in Plano, Frisco and Fort Worth. They all have been acquired since last September. The firm also owns apartments Ohio, Indiana and Georgia. "Our motto is to buy really nice places where we can come in and increase the net operating income 25% in two years," Rini says. "We don't buy anything unless we think we can do that."
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