MC Cos. Buys Value-Add DFW Community
The 1986-built property will undergo extensive renovations for the first time ever.
Briarcrest. Image courtesy of MC Cos.
MC Cos. has acquired Briarcrest, a 238-unit community in Carrollton, Texas. According to Yardi Matrix data, Cortland was the previous owner of the asset, which became subject to a $49.6 million loan originated by Berkshire Group last month.
MC Cos. intends to invest in enhancing the property, which has not been renovated since it was delivered in 1986. The capital improvement plan is slated for completion in 2024.
Briarcrest encompasses two-bedroom apartments, including 38 townhomes, averaging 961 square feet. Improved interiors will feature upgraded counters, cabinets, flooring, fixtures and appliances, with washers and dryers in all units. Common-area amenities include a swimming pool, fitness center, tennis court, playground and business center.
Located at 1330 Mac Arthur Drive, the property is roughly 20 miles from Dallas and provides access to interstates 635 and 35E, the President George Bush Turnpike and the Sam Rayburn Tollway. Several golf courses are in the surrounding area. Retail and dining options are also available along Old Denton Road and Trinity Mills Road. Dallas-Fort Worth International Airport is 13 miles away.
According to a recent Yardi Matrix report, DFW investors traded a record $13.9 billion in multifamily assets in 2021, with transaction activity keeping a solid pace at the beginning of this year, as well.
