Atlantic | Pacific Cos. Secures $40M TX Community
- Jul 12, 2018
Through its private equity fund Blue Atlantic Partners II, Atlantic | Pacific Cos. has acquired Avana Point, a multifamily community in Fort Worth, Texas. Avana Point was acquired for $40 million from Raith Capital Partners, according to Yardi Matrix. The sale was subject to a $30 million loan held by Freddie Mac.
This purchase marks the firm’s third in Texas within the last 90 days. The property is set to be renamed The Atlantic Station and is the company’s 13th owned and managed asset in the Texas market, bringing its total portfolio to 4,271 units.
Located at 2650 Western Center Blvd., the community comprises 324 units across 16 three-story buildings. Constructed in 2005, the property is currently 94.8 percent occupied as of May 2018, according to Yardi Matrix. Apartments are offered in one-, two- and three-bedroom floorplans ranging from 680 to 1,248 square feet. Interior features include washer/dryers, fireplaces, microwave ovens and private balcony/patios. Common area amenities include:
- controlled access
- fitness center
- volleyball court
- swimming pool
- 500 parking spaces
- outdoor storage
The new owner plans on implementing interior upgrades to the property that will include the addition of granite countertops, new kitchen cabinets, plank flooring, lighting enhancements and backsplash.
“Texas, and particularly the Dallas/Fort Worth metropolitan market, remains a major component of our long term growth strategy,” Mark Briggs, chief operating officer at Atlantic | Pacific Real Estate Group, told Multi-Housing News. “Our Blue Atlantic Partners II equity fund is focused on longer term growth with stable yields, and our recent acquisition of Avana Point in Fort Worth is a perfect fit. This market continues to deliver steady job growth, a pro-business environment and great quality of life.”
The Blue Atlantic Partners II fund was also used in March, when the firm purchased the $36.3 million Brookwood Valley, a 240-unit community in Atlanta’s Buckhead submarket.
Image courtesy of Atlantic | Pacific Cos.