Four Corners Apartments is a 390-unit garden-style asset completed in 2019.
FRISCO, TX—American Landmark Apartments recently acquired Four Corners Apartments, a 390-unit garden-style asset completed in 2019. The price was undisclosed.
The sustained force of the Dallas job market was the impetus behind the purchase, along with the property being a good fit for American Landmark's investment criteria, says its CIO.
"The Dallas MSA continues showing signs of strong demand for the foreseeable future, most notably with its addition of more than 100,000 jobs over the past year and almost 75,000 new residents during that same period," said Christine DeFilippis, chief investment officer of American Landmark. "It's a market we've come to know well that offers compelling opportunities that fit within our current investment strategy."
The acquisition raises American Landmark's portfolio count in Texas to 36 properties, with 17 properties in the Dallas metro area. The firm now owns and manages almost 29,000 units throughout the Southeast and Texas, and is more than halfway to its goal of adding $2 billion in assets to its multifamily portfolio this year.
"With the multifamily market's robust fundamentals in Dallas-Fort Worth, the area is seeing absorption rates exceed deliveries that allow for compelling holding opportunities," Joe Lubeck, CEO of American Landmark, tells GlobeSt.com. "Even with a brand new asset built this year, the lease-up potential for this property is underpinned by important factors including a low unemployment rate and influx of new residents."
Located at 1690 FM 423 Rd., Four Corners is situated in northern Dallas. One-, two- and three-bedroom units include stainless steel appliances, granite countertops, French doors and a kitchen island. Community amenities include a swimming pool, resident clubhouse, business center, dog park and onsite management.
Four Corners is located near transit routes and employers. Dallas Parkway is 10 minutes away, offering direct access into the city's central business district and its surrounding neighborhoods. Toyota Stadium–which hosts the FC Dallas soccer team–is less than 10 minutes away, and the University of Texas at Dallas is 25 minutes away.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
