Advenir Acquires a Sizable Community in Texas
- Feb 27, 2014
Mesquite, Texas—Aventura, Fla.-based real estate investment company Advenir has purchased a 295-unit Class A community in Mesquite, Texas from California-based Virtu Investments for an undisclosed amount. Advenir@Mission Ranch—formerly known as Mission Ranch—marks the company’s third prominent acquisitions in the Dallas—Fort Worth suburban market in the past six months, following the purchase of two communities in Mansfield, Texas.
Financing for the property was secured by Braden Harmon of Berkeley Point Capital. Advenir represented itself in the property acquisition and Virtu was represented by IPA Texas brokers Will Balthrope and Drew Kile.
“We are extremely bullish on Dallas-Fort Worth which is experiencing a healthy economy, positive employment growth, and in-migration,” says Todd Linden, chief Acquisition Officer at Advenir. “Advenir will continue to invest in income producing multifamily assets in markets that meet this criteria.”
Jones Lang LaSalle reported in its Summer Multifamily Outlook that the Dallas—Fort Worth area showed significant increases in rentership over the last 12 months. It noted that more than 4 percent of the area’s households shifted away from homeownership, while annual rent growth in the U.S. averages 3.4 percent.
The community has an amenity package that includes a state-of-the-art fitness center, a resort-style swimming pool, spacious business center and a social room.
The previous owners had been upgrading interior units since 2011, and Advenir will continue with the renovation program, which will include faux wood flooring, new lighting features, two-inch blinds, new microwaves and a two-tone paint scheme. Other restorations will involve the refinishing of kitchen and bathroom surface tops, new gooseneck and bath faucets, new cabinets and hardware for the bathroom, and new kitchen cabinet hardware. Higher quality lighting and ceiling fans are also planned for living room areas.
Architectural elements include 9-foot ceilings, walk-in closets, wood-burning fireplaces embellished with cast stone surrounds and mantels. Units also include walk-in closets and balcony and/or patio spaces.
Advenir@Mission Ranch boasts high visibility along U.S. Highway 80 near Belt Line Road — a route that has an excess of 100,000 vehicles per day. Interstates 635 and 30 are located within a few miles of the community.