JV Acquires Dallas Communities
HFF arranged the joint venture equity deal between Archway Equities LLC and Atlantic Creek Real Estate Partners LLC for the purchase of the properties totaling 712 units.
Archway Equities LLC and Atlantic Creek Real Estate Partners LLC have teamed up to acquire two adjacent apartment communities in Dallas, Emory at Horizon North and Ashmore at Horizon North.
The sponsor, Archway Equities, engaged HFF to source funding the acquisition, which was provided by Atlantic Creek Real Estate Partners.
The HFF team representing the sponsor included Directors Michael Cosby and Matthew Benson, along with Senior Director Mark Erland.
Completed in 1995, Emory at Horizon North is located at 4200 Horizon North Parkway and comprises 14 three-story residential buildings with 348 units. The Ashmore at Horizon North community was built in 1997 and is located at 4300 Horizon North Parkway. The property has 16 three-story residential buildings totaling 364 units.
Both properties have separate amenity packages including resort-style swimming pools, sports courts, picnic and grilling areas, fitness centers, business center and conference rooms. The joint venture is planning to enhance the community amenities at each property and renovate unit interiors within the next two years.
The assets are situated near Plano, Texas, a growing provider of jobs in the region. They properties immediately northwest of the President George Bush Turnpike and Dallas North Tollway in North Dallas, providing easy access around the DFW metroplex.
More Multifamily Deals
Based in Beverly Hills, Calif., Archway Equities is part of Archway Holdings Corp. The privately held real estate investment group has been acquiring commercial real estate—mainly in California, Arizona and Texas—since 1974. Last month, Archway Holdings acquired two multifamily properties in Nashville, Tenn., from Belew Rentals for $29 million—the 233-unit Stone Ridge and the 130-unit Bristol Ridge.
Atlantic Creek Real Estate Partners is also a private commercial real estate firm with offices in New York City and Palm Beach, Fla. The company acquires direct interests in CRE properties by providing joint venture equity and preferred equity to owners, operating partners and developers. Texas is among the firm’s targeted markets. In January 2017, Atlantic Creek teamed with Oak Residential Partners to form ORP Element and acquire Atrium 41, a 494-unit metro Atlanta apartment community.
Image courtesy of HFF