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2/27/14
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Advenir has acquired Advenir@Mission Ranch, a 295-unit, Class A project in Mesquite, TX. The property, purchased from California-based Virtu Investments, was formerly named Mission Ranch. It is Advenir’s third apartment buy in the suburban Dallas/Fort Worth Metroplex in the last six months.
Advenir@Mission Ranch is located just nine miles east of the Dallas central business district. The project was built in 2002 with an extensive list of luxury amenities and highly desirable unit features including include nine-foot ceilings, brushed nickel hardware, wood plank flooring, spacious walk-in closets, and wood burning fireplaces with cast stone surrounds and mantels. Common area amenities include a state-of-the art fitness center, resort-style swimming pool, spacious business center and a social room.
Since 2011, Advenir@Mission Ranch has undergone an extensive unit interior renovation program including faux wood flooring in the wet areas as well as living/dining on ground floor units, lighting package, two-inch blinds, added microwaves, and two-tone paint. Advenir will continue the current renovation program including refinishing the kitchen and bathroom countertops, cabinet hardware, gooseneck and bath faucets, new cabinets fronts and hardware in the bathroom, higher quality lighting and new ceiling fans in the living room.
"We are extremely bullish on Dallas/Fort Worth which is experiencing a healthy economy, positive employment growth, and in-migration," said Todd Linden, Chief Acquisition Officer of Advenir. "Advenir will continue to invest in income producing multi-family assets in markets that meet this criteria."
Situated on US Highway 80 near Belt Line Road, Mission Ranch has heavy drive-by exposure with traffic counts in excess of 100,000 vehicles per day. The community is located less than one mile east of Interstate 635 and three miles northwest of the interchange of Interstate 635 and Interstate 30 (218,000 vehicles per day).
Advenir previously purchased Advenir@Mansfield, a 2012-built, 334-unit luxury apartment community located on the south side of the submarket, followed by Advenir@Walnut Creek, a 256-unit, Class A project also in Mansfield.
Advenir represented itself in the property acquisition. Financing was secured by Braden Harmon of Berkeley Point Capital. IPA Texas brokers Will Balthrope and Drew Kile represented Virtu Investments.
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