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Price Realty Plans $150M Annual Buying Pool

ADDISON, TX-The multifamily investment group will expand its Southwest focus and chase class A- and class B deals in the Southeast and mid-Atlantic.

By John McCloud | Updated on March 05, 2008

ADDISON, TX-Price Realty Corp., which has specialized in ownership of multifamily properties in and around the Dallas/Fort Worth metroplex, has launched a program to invest $150 million annually into deals in additional regions. The Addison-based company has hired industry veteran Dean Semon as acquisitions director to oversee the expansion throughout the Southwest, including Colorado, as well as Southeast and mid-Atlantic states.

Semon, spent the last 10 years at Con Am Investment Group, most recently as vice president, supervising acquisitions east of the Rockies. The San Diego-based company has some 50,000 rental units in its portfolio. By contrast, Price owns and manages fewer than 5,000 units. “Price has bought ‘onesies’ and ‘twosies’ over a period of time,” Semon says. “It hasn’t been a portfolio buyer. It has a strong presence in the Dallas area but is not much known outside of it. We’re going to change that.”

Semon says negotiations already have begun for a possible $70-million buy, but he can’t give any details, other than to note the property is not under contract. “If that goes forward, in two to three months we’ll be half way to meeting our first year’s goal,” he points out. “But no goal is easy to hit right now. There’s still hot money in a lot of markets. Unless you’re willing to over pay, you can’t count on getting what you want.”

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