Balfour Beatty acquires 1,598 multifamily units in the Dallas-Fort Worth metroplex
June 03, 2015
Equity partners include Harbert Management Corporation and Block Multifamily Group. Balfour Beatty Communities will also deliver comprehensive management services and Block Multifamily Group will provide asset management for the five apartment communities.
MALVERN, PA --- Balfour Beatty Communities
recently completed the acquisition of a five apartment community portfolio in the Dallas-Fort Worth metroplex in a joint venture with equity partners Block Multifamily Group
and Harbert Management Corporation
, on behalf of the Harbert United States Real Estate Fund V (“HUSREF V”). Balfour Beatty Communities will perform all property management services across the portfolio through its Multifamily Division, and Block Multifamily Group will be responsible for all asset management services.
The acquisition portfolio consists of the following apartment communities:
1. Madison at Round Grove (404 units)
201 E. Round Grove, Lewisville, Texas
2. Madison on the Parkway (376 units)
19002 Dallas Parkway, Dallas, Texas
3. Wimberly Apartments (372 units)
4141 Horizon North Parkway, Dallas, Texas
4. Wimbledon Oaks (248 units)
1802 Wimbledon Oaks Lane, Arlington, Texas
5. Villas of Josey Ranch (198 units)
2050 Keller Springs Road, Carrollton, Texas
"This significant transaction, coupled with our acquisition of the Townlake of Coppell apartment community earlier this month, greatly strengthens our position in the greater Dallas residential marketplace," said Chris Williams, president of Balfour Beatty Communities. "With strong historical performance and the opportunity for value-add improvements, these properties fit well with our multifamily strategy and we look forward to welcoming them into our portfolio."