DEAL OF THE DAY: GE and BH Equities Invests $17.8M in Class A Texas Properties

Allen, Texas–GE Real Estate has made an equity investment of $17.8 million with partner BH Equities to acquire two adjacent Class A multifamily assets located in Allen, Texas, a newly developed area 12 miles north of North Dallas. The properties are Benton Pointe, a three-story project with 456 garden-style units built in 2000, and Lansbrook, a two-story project with 288 garden-style units built in 2002. Dallas-based BH Equities will invest more than $3 million for capital improvements at Benton Pointe and Lansbrook.Since 2006, GE has partnered with BH Equities to acquire five multifamily assets valued at more than $200 million.“Based on GE’s recommendation, we were able to save $1.5 million on the purchase price of these high-quality properties,” says Harry Bookey, president at BH Equities. “We have a great working relationship with the experienced GE team, which understands our business model.”