MANSFIELD, TX-Advenir, a premier provider of multi-family real estate investment and management services, has acquired [email protected] Creek from Texas-based Kaplan Management Co. Inc.
The 256-unit, class A project is Advenir’s second notable apartment community purchase in the suburban Dallas/Fort Worth Metroplex in the last four months. The purchase price was not disclosed.
[email protected] Creek (formerly named Spyglass) is located in an upscale, high-growth suburban community just southwest of Dallas. The project was built in 2002 with an extensive list of luxury amenities, such as European-style cabinetry, 9-foot ceilings, crown molding and wood-burning fireplaces in select units. Common area amenities include a resort-style swimming pool and fitness center, business center and media room/theater.
Upgrades since May 2013 in 50 of the property’s units added brushed nickel hardware and fixtures, track lighting in kitchens, and faux wood flooring in kitchens and baths. Advenir plans to continue this process, adding improvements to all remaining units by 2015.
“These initial unit upgrades were extremely well received by the market, offering tangible proof of the income growth potential that we already believed existed at [email protected] Creek,” said Todd Linden, chief acquisition officer of Advenir.
[email protected] Creek is Advenir’s second apartment community purchase in Mansfield since mid-2013. The first was [email protected], a 2012-built, 334-unit luxury apartment community located on the south side of the submarket.
“Having two apartment communities in such close proximity provides us the ability to cross market and refer potential residents based on their desired rental budget and unit preference,” said Linden. “No other operator in the submarket has this advantage.”
[email protected] Creek is located on the north side of Mansfield, a community with a population of approximately 60,000 people, average household income of nearly $100,000 (almost twice the national average) and ranked as a Money Magazine Top Places to Live in America.
Advenir, based in Miami, represented itself in the property acquisition. Financing was secured by Braden Harmon of Berkeley Point Capital. Drew Kile and Will Balthrope with Institutional Property Advisors, the institutional multifamily division of Marcus & Millichap, represented Kaplan.