Hilltop Residential JV Buys 399-Unit Asset in DFW

The Class A Watervue last changed hands in 2012, as part of a portfolio deal. The new owners plan to invest in interior improvements.
Watervue

Hilltop Residential, in joint venture with Angelo, Gordon & Co., has acquired the 399-unit, Class A Watervue in Keller, Texas. The multifamily asset previously traded in 2012 as part of a five-community, $154 million portfolio deal, with Cortland leading that buying joint venture, which also included Phoenix Insurance and Westplan Investors, data gathered by Yardi Matrix shows.

Located at 8660 N. Beach St., and completed in 2009, the gated community offers a mix of one-, two- and three-bedroom units in 30 two- and three-story buildings. The property is situated in a dense residential area, less than 12 miles from Fort Worth. Amenities include:

  • fitness center
  • business center
  • pool
  • spa
  • volleyball and basketball courts
  • clubhouse

Watervue had a 94 percent occupancy rate as of January, per Yardi Matrix data. 

“We are excited about buying a well-located asset we can add value to,” said Greg Finch, president of Hilltop Residential, in prepared remarks. “Interiors on this asset are untouched. We will completely transform this asset by adding granite countertops and new cabinets to all kitchens and bathrooms.”

This month, Cortland acquired Domain at Phipps, a 319-unit community in Atlanta. The company rebranded the property as Cortland at Phipps Plaza.

Image courtesy of Yardi Matrix