DALLAS—JLL has closed the sale of the Brazos Apartments. Dallas-based B/K Real Estate Funds was the buyer of the 286-unit apartment property in Plano, built in 1998.
“The Brazos has an outstanding location and is a great value enhancement opportunity for investors as a result of the continued job and population growth in Dallas-Fort Worth,” Bill Simmons, senior vice president at JLL, told GlobeSt.com.
In addition to Simmons, vice president David Fersing and managing director Jeff Price led the sales efforts on behalf of Harbor Funds. Executive vice president Mark Brandenburg arranged the $10 million joint venture partnership with B/K Funds and Rockstreet Partners LLC, a private equity real estate firm headquartered in Dallas.
“B/K Real Estate Funds has a strong resume when it comes to value-add multifamily product,” says Brandenburg. “In addition to implementing a diligent acquisition strategy, LBK Management Services, an affiliate of B/K Funds, enables the buyer to effectively execute the value-add strategy, which will reposition the asset in the marketplace.”
Located at the intersection of the Dallas North Tollway and President George Bush Turnpike, the Brazos Apartments features a resort-style swimming pool, a volleyball court, hot tub, 24-hour fitness center, sand volleyball court, sports court, stadium-seating theater room and club room.
Interior renovation plans include a complete unit makeover with upgrades and replacements of such things as countertops, stainless steel appliances, new lighting packages, ceiling fans, backsplashes and more. Exterior renovation plans include updates to the building's exterior, landscaping, fitness area, pool deck and furniture, and adding a playground, dog park and a number of patio yards.
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