Denver—Continental Realty Advisors (CRA) closed on the sale of the 372-unit St. Laurent Apartments in Grand Prairie, Texas. CRA originally purchased the Class A asset in 2012 in a joint venture with Phoenix Capital Partners and HQ Capital and successfully carried out a strategic value-add program.
“In just a few years we were able to greatly improve the community through common area, exterior and unit interior upgrade programs, which were well received by residents,” said David Snyder, chairman of CRA. “We accomplished our goal of positioning the property to take advantage of an exceptional submarket with strong growth potential.”
Sndyer added that the project achieved “outstanding investment results” for investors and is an example of CRA’s philosophy of being able to identify a “dislocation of value, implement tangible management and asset management strategies” to improve the property, achieving NOI growth of 20 percent in three and a half years.
The 25-acre property has 16 garden-style apartment buildings and is situated near the Dallas/Fort Worth International Airport. It also offers easy commuting to Arlington, Dallas and Fort Worth.
CRA is an active investor nationwide, focusing funding in the Southeast, Midwest and Southwest U.S. markets. “We believe the [Dallas Fort-Worth] market remains attractive for multifamily investment and we are actively looking for acquisitions in the area,” said Robert Ireland, director of acquisitions for CRA.
CRA completed several other recent transactions, including the November 2015 acquisition of a 400-unit, Class A property in Las Vegas and the December 2015 disposition of Bonita Fountains in Orlando. The Las Vegas property is called Turtle Creek, a light value-add opportunity located on the Boulder Highway, adjacent to the Union Village medical development. The 155-acre health care campus is in the initial construction phase and is expected to add 17,000 direct and indirect jobs upon build-out.
Images courtesy of CRA