AREA Property Partners in a joint venture with Wood Partners has acquired a multifamily portfolio in Texas with a total of nine properties and 2,589 units. Five properties are located in Dallas/Fort Worth, three in Houston and one in San Antonio. The seller and purchase price were not disclosed.
“This acquisition greatly expands AREA’s presence in a region that is generally projected to rank among the top multifamily markets in the next few years,” says Lee Neibart, AREA Property Partners global CEO. “The portfolio offers best-in-class product in well-located submarkets with strong demographics.”
In order to complete the close of the Texas portfolio, both companies mobilized their respective array of national resources, including Wood’s on-the-ground development and construction teams based in Dallas and Houston and AREA’s national property management team, to perform due diligence to expedite the transaction.
“Our positive relationship with AREA and the fact that we had a very strong previous relationship with them enabled both teams to quickly and effectively underwrite the opportunity, complete due diligence and close this major transaction in record time,” says Jay Jacobson, director of national acquisitions for Wood Partners.
Built between 1997 and 2007, the rental complexes offer studio through four-bedroom apartments with an average apartment size of more than 1,100 square feet. Each property was designed with extensive amenities, such as proximity to golf courses, large clubhouses with state-of-the-art gyms, resort-style pools, business centers and concierge services.
Most units come with an attached one- or two-car garage. Interior finishes and appointments include cherry wood cabinets, granite countertops, stainless steel appliances, hardwood floors and porcelain tile in kitchens and bathrooms. The properties are fully leased.