The Jacobson Co. has acquired Atlantica at Burleson, a 217-unit garden-style multifamily community in Burleson, Texas. The off-market transaction was brokered by Institutional Property Advisors, with the firm also securing financing. The community was developed by Sovereign Properties. In late 2020, Atlantica at Burleston benefited from a $31.2 million construction loan held by Western Alliance Bank, according to Yardi Matrix data.
Completed this year, Atlantica at Burleson encompasses 5 buildings, with one-, two- and three-bedroom units ranging from 777 to 1,412 square feet. Common-area amenities include a business center, 24-hour fitness center, clubhouse, swimming pool, pet park and spa, as well as detached garages. In-unit amenities offer stainless-steel appliances, washers and dryers, walk-in closets, private decks or balconies and digital locks in all units.
Larry Jacobson, president & CEO of The Jacobson Co., said in prepared remarks that the property was 98 percent occupied. Jacobson also referenced a recent study by NAA and NMHC revealing that the U.S. needs 4.3 million apartments by 2035 to meet demand. According to the study, the Dallas-Fort Worth metro area needs 19,000 new units each year to keep up the pace.
Located at 285 SE John Jones Dr., right next to SW Wilshire Boulevard, the community is close to many retail destinations, including a Walmart Supercenter and a Home Depot. There are many dining options in the area, as well as green spaces, such as the Chisenhall Mtb Trailhead, Chisenhall Trailhead 1 and Bailey Lake Park.
Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill and Jeffrey Kindorf of Institutional Property Advisors brokered the sale. Brian Eisendrath and Cameron Chalfant with IPA Capital Markets arranged acquisition financing.