Creative Realty Partners is pleased to announce the acquisition of four multifamily properties, totaling 692 units, in the Dallas-Forth Worth MSA. The portfolio includes: Corey Place, a 276-unit asset located in Grand Prairie, TX; Brittney Place, a 168-unit community located in Irving, Texas; The Heights, a 79-unit community also located in Irving, Texas; and Spanish Square a 168-unit asset located in Haltom City, Texas.
All four properties in the portfolio demonstrate physical and operational value-add opportunities. Creative Realty Partners plans to implement a unit renovation program and increase rents to a level commensurate with competitors in the area, thus considerably increasing revenue. In addition, there is great potential to increase revenue by billing utilities back to tenants at a level consistent with the market. Current ownership has been in place for over 10 years and has not actively pushed rents or renovated the property to the same degree as comparable properties. By implementing a full capital improvement plan, CRP will transform the properties and enhance the overall value proposition for renters and the local communities.
Creative Realty Partners’ value-add strategy has proven highly successful in these markets. CRP will implement exterior and interior improvements to produce substantial rent growth.
CRP focuses on areas with high economic growth, strong employment centers, low vacancies, high rental growth rates and unit-enhancement opportunities.
Founded in 1994, CRP is a privately-held real estate investment firm that employs a value-add investment strategy. Creative Realty Partners offers a full-service national real estate investment platform, with a successful and consistent performance history and attractive returns on investments. With offices in Beverly Hills and Orange County, the team at Creative has over 80 years of combined real estate experience. During the past five years, CRP has acquired in excess of 4,500 multifamily units and currently holds over 3,000 units in its portfolio. CRP’s acquisitions typically range between 100 and 400 units.