DALLAS–Rockstreet Partners, a real estate private equity firm, has acquired Brazos Apartments, a 286-unit apartment community located in Dallas. The firm acquired the property in a joint venture with B/K Real Estate Funds LP, a Dallas-based real estate investment and advisory firm that specializes in multifamily properties. The property will be managed by LBK Management Services, a wholly-owned affiliate of B/K Funds.

The 12-acre property, which was originally developed in 1998, is 94 percent occupied and situated near Plano. The Brazos' zoning to the Plano Independent School District and proximity to the Dallas North Tollway and George Bush Turnpike afford residents exemplary-rated schools, and access to major transportation arteries and employment centers throughout the area.

The partnership will implement significant unit-interior and exterior capital improvements. The interior improvements will result in apartments on par with newly constructed ones, but the renovated apartments will be available at a more modest rental rate than the new ones, giving them a competitive advantage, says Rockstreet.