MBP Capital Acquires 208-Unit Multifamily Community in Richardson
The company plans to rebrand and renovate the former Frances Way Villas with the help of Catalyst Multifamily.
By Adelina Osan, Associate Editor
Dallas—MBP Capital Inc. recently closed the purchase of a 208-unit community located in Richardson, Texas. MBP Capital appointed Catalyst Multifamily to handle the property management, as well as the $2.5 million renovation and repositioning of the asset. Formerly called Frances Way Villas, the community will be rebranded as The Beverly.
The Beverly
Located at 900 Frances Way, the property features one-, two- and three-bedroom floorplans. According to Yardi Matrix data, The Beverly offers unit sizes ranging between 693 and 1,114 square feet, with rents ranging between $725 and $1,150. The Class B community is currently 95.2 percent occupied. Amenities include controlled access, a business center, tennis court, volleyball court, swimming pool, laundry facilities and 250 parking spaces.
MBP will be in charge of rebranding and upgrading the property. The $12,000 per unit renovation will include upgrades in the amenity package, as well as interior and exterior makeovers.
Image courtesy of Yardi Matrix
