FCP, VaultCap Buy Suburban Dallas Apartments
The joint venture plans to add a range of new amenities to the 275-unit Grand Prairie community.
FCP, in its first joint venture with VaultCap Partners, has acquired Corey Place Apartments, a Class B garden-style community outside of Dallas. Creative Realty Partners was the seller of the 275-unit asset, according to Yardi Matrix.
NorthMarq represented the seller and closed debt and equity for the deal, which included a self-financed loan.
Previously known as Royal Oaks Manor, the 1970-built community last changed hands in 2018. At that time, Creative Realty acquired the asset along with two other communities in Irving, Texas, as part of a $39.4 million, 524-unit portfolio deal.
Situated at 602 W. Pioneer Parkway in Grand Prairie, Texas, the 35 two- and three-story buildings have a mix of one- to three-bedroom units between 715 and 1,127 square feet. Amenities include a tennis court, a playground and 500 parking spaces. The new owner intends to update the property, adding an additional swimming pool, splash pad, soccer field and outdoor kitchen. Valiant Residential is the property manager.
Located within 3 miles of both interstates 20 and 30, the community is alongside the West Pioneer Parkway retail corridor, home to a a wide range of restaurants and shops, including a Walmart Supercenter less than 1 mile west.
In July, FPA closed its 20th multifamily transaction in Atlanta. The company paid $51.3 million for a 380-unit community in the North Vinings submarket.