A New York-based investment firm AREA Property Partners recently acquired a multi-family portfolio of nine multifamily properties in a join venture with Atlanta-based developer of communities throughout the United States, offering homes for sale and for rent — Wood Partners.
For several years, Wood Partners has been a most important developer of Dallas-Fort Worth apartment communities.
The firms recently acquired nine multifamily properties are situated in Texas, with about 2,589 apartment units. Five of the multifamily properties are in Dallas/Fort Worth, one property in San Antonio, and three in Houston Texas.
The multifamily properties is sold by Coppell-based Western Rim Property Services, but the terms and the price of the transaction were not disclosed.
According to AREA Property Partners global CEO, Lee Neibart, the acquisition seriously expands AREA’s presence in an area, which is generally projected as one of the major multifamily markets for the coming years.
Formerly known as Apollo Real Estate Advisors, AREA Property Partners is one of United States largest real estate investment companies.
The director of national acquisitions for Wood Partners, Jay Jacobson said, the company’s present and previous relationship with AREA enables both the companies to effectively and quickly underwrite the opportunity, complete due requirements and close this major deal in record time.
Multifamily properties included in the acquisition were the Mansions by the Vineyard, Estates at North Richland Hills, Villas on the Green, Mansions by the Lake, and Mansions at Stonebridge.
The multifamily properties were constructed between 1997 and 2007, which offers studio-type and four-bedroom apartments that has an average area of 1,100 square feet.