Multifamily Asset is One of Few Workforce Housing Properties
With the acquisition of Courtyards at Mustang, Conti Organization now owns 29 properties, representing more than 8,300 apartment units in the Dallas-Fort Worth area.
GRAPEVINE, TX—A recent acquisition by Conti Organization is the firm’s 41st since it was founded in 2008 and pushes the company’s total transaction volume past $1 billion. Its latest acquisition is Courtyards at Mustang, a 246-unit complex located at 2913 Mustang Dr.
“The well-maintained Courtyards at Mustang property aligns perfectly with our portfolio as it is centrally located within an area of strong median household income and is near major employment centers, the DFW International Airport and retail. This family-friendly apartment community in the heart of Grapevine also has elementary, middle and high school campuses in the highly rated Grapevine-Colleyville ISD all within one mile of the complex,” said Stewart Hsu, co-founder and president of Conti Organization.
Conti Organization is one of North Texas’ largest private multifamily property owner-operators. It now owns 29 properties, representing more than 8,300 apartment units in the Dallas-Fort Worth area.
“We are very excited bring this property into our portfolio. We work diligently to make a difference in the communities we work in, and this property will be no exception,” said Carlos Vaz, co-founder and CEO of Conti Organization. “The Courtyards at Mustang is one of only a few workforce housing properties within the Grapevine/Colleyville submarket, and we are excited to be a part of such a great location.”
Built in 1973, Courtyards at Mustang is a two-story garden-style complex that consists of 164,490 square feet on nearly 7.5 acres. The complex, which has average rental rates below $1,000, has two swimming pools, a playground, basketball court and soccer field.
“The acquisition of Courtyards at Mustang illustrates our long-term focus on acquiring attractive, well-located workforce housing properties with good value added potential,” Vaz tells GlobeSt.com. “Our growth is a well-thought out vision based on a strong company culture, people and processes to execute on our plans and provide investors the best risk-adjusted returns.”
The Courtyards at Mustang acquisition was brokered through Danny Baker and Chris Deuillet of CBRE.
Rents continued to increase at a rate of 3% year-over-year in line with the national average, according to a third-quarter report by CBRE. Defying worries about oversupply, active submarkets still achieved strong rent growth. Dallas’ effective rent growth rate (3.1%) is higher than Fort Worth’s (2.5%) for the first time in five years.
Both Fort Worth and Dallas have job growth well above the US rate, but in Fort Worth, both multifamily permitting and single family permitting are increasing, while in Dallas permitting for both is decreasing, says CBRE.