JV Acquires DFW Apartments
- Sep 20, 2017
Warba Bank, in joint venture partnership with Cortland Partners, has acquired Suite 2801, with Arch Street Capital Advisors advising Warba on the deal. Suite 2801 is a 417-unit apartment community in Euless, Texas, a DFW suburb.
For its part, Warba Bank invested about $23.4 million in the deal. Warba Bank is a Kuwait-based financial services company that offers banking and investment services in compliance with Sharia principles.
The property was developed in 2013. The community offers one-, two- and three-bedroom units, with such common amenities as two full-size swimming pools, a resident clubhouse, fitness center, communal lounges and grilling areas.
Euless, which has about 54,000 people, is northeast of Fort Worth. The suburb is adjacent to DFW International Airport.
Since the beginning of 2017, Warba Bank’s total real estate investments in the United States have reached $70 million. Previously the bank acquired the headquarters of Manpower Group, an office building in Milwaukee, and the Ultris apartments in Banyan Grove, Va.