SPI Makes 50th Dallas Acquisition
The company purchased a Class A community in the suburbs.
SPI Advisory has acquired Encore 380 Apartments, a 416-unit, Class A garden-style community in the north Dallas suburb of Aubrey. Starwood Capital Group sold the community. The purchase marks the firm’s 50th investment in the market since being formed in 2014.
Encore 380 is centrally located between Frisco and Denton, directly along Highway 380. The property, built in 2017, was previously called Century 380 Apartments.
“Persistently high construction costs make our relative cost basis very attractive,” SPI Principal and Co-Founder, Michael Becker, told Multi-Housing News of the community. “This will allow us to maintain competitive rental rates while achieving our investment objectives. Encore 380 is well-positioned for long-term success in serving the Aubrey community.”
The community features one-, two- and four-bedroom units ranging from 652 to 1,742 square feet, Yardi Matrix data shows. At the time of the sale it was 93 percent occupied.
Community amenities include a fitness center, business center, clubhouse, playground, pool and 416 parking spaces. SPI is planning upgrades to the community’s exterior, common areas and amenities. It will also furnish all homes with washers and dryers.
Eastdil Secured represented the seller in the transaction.
In a highly-sought-after area
Encore 380’s residents have convenient access to major retail, recreation, and employment centers, including The Shops at Legacy, Gates of Prosper and Lewisville Lake. The University of North Texas and UT Southwestern are nearby.
Aubrey has recently experienced explosive population growth, rising 19 percent over the past five years along with a 46 percent increase in single-family home prices. Meanwhile, only 450 apartment homes are currently under development within three miles of the property.
The SPI Advisory portfolio now totals more than 4,250 units in the Dallas-Fort Worth areas and approximately 8,000 units across Texas. The company is very optimistic about multifamily fundamentals in the area, Becker said.
“As we entered 2025, the market was approaching the end of the record-high new apartment deliveries experienced in 2023 and 2024,” he told MHN. “With significantly lower apartment deliveries projected in DFW over the next few years, we anticipate stronger market fundamentals for the foreseeable future.”
In July 2023, SPI Advisory, with its 1031 exchange partners, acquired Ivy Urban Living, a 228-unit multifamily community in Dallas. Completed in 1988, the community comprises 11 three-story buildings with studio, one-, two-, and three-bedroom floorplans ranging from 550 to 960 square feet.
