MBP Capital Acquires 208-Unit Multifamily Community in Richardson
- May 09, 2016
Dallas—MBP Capital Inc. recently closed the purchase of a 208-unit community located in Richardson, Texas. MBP Capital appointed Catalyst Multifamily to handle the property management, as well as the $2.5 million renovation and repositioning of the asset. Formerly called Frances Way Villas, the community will be rebranded as The Beverly.
Located at 900 Frances Way, the property features one-, two- and three-bedroom floorplans. According to Yardi Matrix data, The Beverly offers unit sizes ranging between 693 and 1,114 square feet, with rents ranging between $725 and $1,150. The Class B community is currently 95.2 percent occupied. Amenities include controlled access, a business center, tennis court, volleyball court, swimming pool, laundry facilities and 250 parking spaces.
MBP will be in charge of rebranding and upgrading the property. The $12,000 per unit renovation will include upgrades in the amenity package, as well as interior and exterior makeovers.
Image courtesy of Yardi Matrix