The partners have budgeted more than $3 million for capital improvements at the two properties. The purchase marks GE's fifth multifamily acquisition in partnership with Dallas-based BH Equities since 2006. The five properties are valued at more than $200 million.
BH Equities' portfolio includes 10 assets with a total of 4,000 units in the Dallas-Ft. Worth area. The portfolio includes the 432-unit Settler's Gate, which is less than one mile from the new acquisitions, and the company plans to capitalize on cross-marketing opportunities. All three properties are in what the company calls one of the most convenient corridors of Collin County, the region's hottest area for business and residential growth.
According to BH Equities president Harry Bookey, recommendations from GE enabled the partnership to shave $1.5 million off the purchase price of the new acquisitions. "We have a great working relationship with the experienced GE team, which understands our business model and provided the structure we needed to capitalize on this attractive acquisition in one of the fastest growing areas of the country," he says.
Chris Overberg, regional manager for GE Real Estate, says BH Equities' strong relationships in the Dallas-Ft. Worth market and close alignment with his company's acquisition strategy and target markets make for a solid partnership. "The firm understands and shares our underwriting discipline, which enables our partnership to make solid investments such as this acquisition," he tells GlobeSt.com.
Built in 2000, Benton Pointe has a mix of one-, two- and three-bedroom apartments ranging from 769 sf to 1,262 sf. Rents range from $720 to $1,260 a month. Amenities include a 24-hour fitness center, lap and resort pools, sports court, business center, coffee bar and on-site video library and massage service. Lansbrook, built in 2002, has a similar mix of units with nearly identical square footages. Rents range from $735 to $1,330 a month. Its amenities include tennis and basketball courts, fitness center, swimming pool, clubhouse, business center and high-speed internet access.
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