RangeWater Acquires DFW Community
Purchased in an off-market transaction, the property is in a northern suburb.
RangeWater Real Estate and equity partner CenterSquare Investment Management have acquired Sorrel Phillips Creek Ranch, a 352-unit community in Frisco, Texas. The acquisition was made via an off-market deal, with Carter-Haston as the seller.
The sale price was about $63 million, according to Yardi Matrix data. The property had previously sold in 2019 for $58 million.
In February, RangeWater assumed the $35.5 million outstanding balance of a loan, held by Fannie Mae, originally dated July 2019, according to Yardi Matrix. The 10-year loan bears an interest rate of 3.36 percent, maturing in the summer of 2029.
The property, located at 5050 Farm To Market Rd. 423, offers one-, two- and three-bedroom units ranging from 776 to 1,476 square feet. It was completed in 2015.
Common-area amenities include courtyard grounds, a clubhouse, a fenced bark park, a swimming pool, media center and fitness center featuring cardio and strength training equipment. Unit amenities include plank wood-style flooring, nine-foot ceilings, walk-in closets, stainless steel appliances, granite countertops, walk-in showers and soaking tubs.
The new owners plan to make capital improvements to the property, both interior and exterior enhancements, to maintain a competitive edge.
RangeWater is an apartment specialist with communities in the Sun Belt and Mountain West. The company currently manages more than 3,000 units across 17 properties in Texas.
DFW’s boom begins to cool
In 2024, metro Dallas-Fort Worth experienced more multifamily completions than any other U.S. market, according to Colliers. There were more than 41,600 apartment units completed for the year.
Even so, DFW construction activity is cooling down, according to the same data. For the ninth quarter in a row, development activity dropped, and by the last quarter of 2024, some 50,242 units were under construction, with 39,060 more expected to be delivered in 2025.
Occupancy market wide grew to 93.2 percent at the end of 2024, Colliers reported. All property categories showed increases. But even so, market wide occupancy is down compared with immediately after the pandemic in 2021, when it hovered around 97 percent.
