FCP, VaultCap Buy 2nd Property in Grand Prairie, Texas
- Sep 22, 2021
A joint venture between VaultCap and FCP has acquired Prairie Ridge Apartments, a 100-unit community in the Dallas suburb of Grand Prairie, Texas, in an all-cash transaction. According to Yardi Matrix data, AmeriSouth is the former owner of the property. Marcus & Millichap assisted the seller in closing the deal.
The 1975-built community encompasses seven one- and two-story buildings across 7 acres at 313 Freetown Road. The property has a mix of one-, two- and three-bedroom units, with floorplans ranging from 603 square feet to 938 square feet, the same data provider shows. Amenities include a playground, a laundry room and some 200 parking spaces.
Located near the retail corridor along West Pioneer Parkway, Prairie Ridge is 18 miles west of downtown Dallas and 25 miles east of downtown Fort Worth. An elementary school and a medical center are within a mile of the property.
FCP and VaultCap first joined forces in July this year to acquire Corey Place Apartments, a 275-unit property adjacent to Prairie Ridge. The partners plan to merge the assets into one 25-acre community dubbed The Marabella on Pioneer, which will offer a combined 375 units across 42 buildings.
Merging the properties is set to create a higher-quality community, benefiting both investors and residents, FCP Vice President Cole Kellogg said in prepared remarks.
The owners will assume the management of the properties and will implement a renovation program at both assets. Upgrades to the 1970-built Corey Place will include an additional pool, a soccer field and an outdoor kitchen.