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12/10/13
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Advenir has acquired Advenir@Walnut Creek, a 256-unit, Class A multifamily community in Mansfield, Texas, an upscale, high-growth suburban community just southwest of Dallas. The asset, which represents Advenir’s second notable apartment community purchase in the suburban Dallas/Fort Worth Metroplex in the last four months, was purchased from Texas-based Kaplan Management Company Inc.
Advenir@Walnut Creek (formerly named Spyglass) was built in 2002 with an extensive list of luxury amenities, such as European-style cabinetry, nine-foot ceilings, crown molding and wood-burning fireplaces in select units. Common area amenities include a resort-style swimming pool and state-of-the-art fitness center, business center and media room/theater.
Upgrades since May 2013 in 50 of the property’s units added brushed nickel hardware and fixtures, track lighting in kitchens, and faux wood flooring in kitchens and baths. Advenir plans to continue this process, adding improvements to all remaining units by 2015.
“These initial unit upgrades were extremely well received by the market, offering tangible proof of the income growth potential that we already believed existed at Advenir@Walnut Creek,” said Todd Linden, Chief Acquisition Officer of Advenir. “Our business model is centered on a “preservation of capital” philosophy for our investors driven by strong, stable cash flows with the potential for substantial capital appreciation. We accomplish this by acquiring stabilized income producing multi-family assets in markets like Mansfield that have exhibited, and are projecting, healthy economies, positive employment growth, and in-migration.”
Advenir@Walnut Creek is Advenir’s second apartment community purchase in Mansfield since mid-2013. The first was Advenir@Mansfield, a 2012-built, 334-unit luxury apartment community located on the south side of the submarket.
“Having two apartment communities in such close proximity provides us the ability to cross market and refer potential residents based on their desired rental budget and unit preference,” said Linden. “No other operator in the submarket has this advantage.”
Advenir@Walnut Creek is located on the north side of Mansfield, a community with a population of approximately 60,000 people, average household income of nearly $100,000 (almost twice the national average) and ranked as a Money Magazine Top Places to Live in America.
Mansfield is one of the fastest growing suburbs in the Dallas/Forth Worth Metroplex, having grown 137 percent since 2000 and continuing to expand through numerous employment centers, direct access to commuter highways, a key location along the State Highway 360 expansion, and lifestyle amenities such as major retail centers and award-winning schools.
According to Jones Lang LaSalle’s Summer Multifamily Outlook, the Dallas-Fort Worth area has seen one of the largest increases in rentership during the last 12 months, with more than four percent of households shifting away from owning residences. Nationally, rental demand remains strong across the U.S., with occupancy gains and rent growth occurring in every major metro in the first quarter. Annual rent growth across the U.S. is currently averaging 3.4 percent.
Advenir represented itself in the property acquisition. Financing was secured by Braden Harmon of Berkeley Point Capital. Drew Kile and Will Balthrope with Institutional Property Advisors (IPA) repped Kaplan Management Company.
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