Berkshire Group Picks Up Three Dallas-Area Assets
- Apr 08, 2020
Berkshire Group has added to its portfolio of roughly $8.8 billion of real estate assets under management by picking up three communities in North Texas totaling 1,339 units from developer Western Rim Properties.
The company acquired two neighboring properties along Naaman Forest Boulevard in the city of Garland, northeast of Dallas, along with a community further north in the exurb of McKinney, according to information reported by The Dallas Morning News.
The Garland properties, the Mansions at Spring Creek and the Towers at Spring Creek, offer 560 units and 376 units, respectively. The Towers was completed in 2018 and is nearly 98 percent occupied, according to Yardi Matrix. Located at 6305 N. President George Bush Highway, the property spans five buildings of three and four stories.
The Mansions is a new 13-building property at 6221 Naaman Forest Blvd. Both communities offer units ranging from one to four bedrooms along with high-end amenities. The two assets are reportedly valued for taxes at more than $85 million.
In McKinney, Berkshire Group acquired The Mansions at McKinney, a 403-unit community that was completed in 2017. Located at 6600 McKinney Ranch Parkway, the 20-building, three-story property includes one- and two-bedroom units.
All three assets were built by Western Rim subsidiary W3 Luxury Living, which along with affiliate M3 has owned, developed and managed more than 30,000 apartment units operating in Texas.
Berkshire Residential Investments, which has around 288,000 residential units owned, managed or overseen across the U.S., named David Olney as CEO last year. The real estate investment firm sold One Santa Fe, a mixed-use apartment community in the Arts District of Los Angeles to a Canadian institutional investor last month.