Investcorp Buys 2 Suburban Dallas Communities
Starwood Capital Group provided a $90 million acquisition loan for the portfolio in Irving, Texas.
Promenade Valley Creek
Investcorp has acquired a two-property portfolio totaling 788 units in Irving, Texas, according to Yardi Matrix. Pensam Capital sold the 408-unit Promenade at Valley Ridge and the 380-unit Promenade Valley Creek.
The buyer funded the acquisition with a $90 million financing package provided by Starwood Capital Group. The properties last traded in 2011, when Pensam purchased them from Camden Property Trust.
The larger of the two communities, Promenade at Valley Ridge, is located at 3700 Valley View Lane, while Promenade Valley Creek is less than a mile away at 4608 W. Northgate Drive. Both Class B properties were built in the 1980s and have a total of 46 buildings across 34.5 acres.
Promenade at Valley Ridge
Promenade at Valley Ridge features one- and two-bedroom apartments with floorplans averaging 773 square feet, while the other community also offers larger three-bedroom units, averaging 855 square feet.
The properties have a combined three swimming pools along with business centers, fitness centers, laundry facilities, dog parks and picnic areas.
The properties are 4 miles from the Dallas/Fort Worth International Airport, within 3 miles of the North Belt Line Road retail corridor and less than 8 miles from Toyota Music Factory. Downtown Irving is 8 miles away, and downtown Dallas is 18 miles southeast.
In July, Investcorp acquired five properties totaling more than 2,200 units in Arizona, Georgia and Texas. The company paid approximately $420 million for the five communities. The Texan property, Tides on Harwood in North Richland Hills, is 14 miles away.
