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GE Invests $18M in Two Apartment Complexes

ALLEN, TX-The company made its fifth acquisition since a 2006 partnership with regionally-based BH Properties, bringing its shared portfolio to more than $200 million.

By John McCloud | Updated on March 20, 2008

ALLEN, TX-GE Real Estate of Norwalk, CT has made an equity investment of $17.8 million with partner BH Equities to acquire two adjacent Class A multifamily assets located in this newly developed community 12 miles north of North Dallas. The properties are Benton Pointe, a 456-unit, three-story garden apartment complex at 425 Benton Dr., and Lansbrook at Twin Creek, a 288-unit, two-story garden apartment complex at 505 Benton Dr.

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.

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