Virtus Purchases Two Class B Communities in Dallas
- Jun 16, 2014
Dallas—Austin-based Virtus Real Estate Capital has announced the acquisition of a pair of Class B Dallas-area properties, Bayou Bend and Pecan Square. The company, which purchased the properties through a joint venture with an undisclosed local partner and property management company, added 748 units to its portfolio with the transaction.
“These two acquisitions mark the launch of our initiative to acquire well located, multifamily properties marketed to the growing and underserved needs of Hispanic families today,” says Kevin White, director of acquisitions, Virtus Real Estate Capital. “Typically defined by their highly fragmented ownership and operationally intensive nature, these multifamily communities represent excellent investment opportunities for us to leverage our value-add strategies and make better communities.”
The two properties are located about a quarter-mile away from each other and offer fully-upgraded one- and two-bedroom floor plan options. Virtus intends to invest $2.2 million in upgrades to the properties, with projects starting immediately. Both communities include at least one pool and playground areas, as well as convenient access to DART routes, Interstates 635 and 35 and Bachman Lake.
Virtus’ investment strategy has focused heavily on specific demographics including seniors and Baby Boomers, the Millennial generation and the growing Hispanic population in the United States.
“While Dallas remains a target market for Virtus, we are also evaluating opportunities in other Texas and Oklahoma markets,” White says.