By Dees Stribling, Contributing Editor
Dallas—Multifamily investor Advenir has acquired the 332-unit Frankford Springs, which is located in north Dallas at 3702 Frankford Rd., in an off-market transaction for an unspecified price. The company is renaming the property Advenir@Frankford.
Advenir says it plans to spend about $2.3 million on property improvements, including enhancements to its exterior, as well as common area work. It plans to renovate the property’s clubhouse, which includes a fitness center, business center and social areas; and add a summer kitchen and new pool furniture.
Interior renovations and enhancements of 166 of the property’s units will include the installation of black appliances with a microwave, gooseneck faucets in the kitchen and celling fans. Going forward, the units will also sport higher-quality lighting, two-inch blinds, two-tone paint and vinyl wood plank flooring going forward.
Greater Dallas is a robust apartment market. According to investment specialist Marcus & Millchap, job creation, net migration and household formation are driving renter demand in the market, and vacancy will remain at historically low levels during 2015 despite surging deliveries. Thousands of apartments are slated for completion this year in the northwest suburbs, especially Oak Lawn/Park Cities and Intown submarkets. Demand for these units is rising as companies expand or relocate into the market.
The Dallas investment is the third acquisition for Advenir in the past 45 days, with two previous deals involving Florida properties. In February, the company acquired Advenir@La Costa (to use its new name), a 328-unit value-add property in Palm Beach County. In mid-March, Advenir bought Advenir@Monterrey, a 243-unit Class B apartment community in Sarasota County.