Creative Realty Partners (CRP) is pleased to announce the acquisition of the Sierra Heights Apartments, a 136-unit multifamily community located at 1929 East Grauwyler Road, Irving, TX. With this latest acquisition, CRP has further expanded its portfolio in the Dallas/Fort Worth market. Sold and financed by Northmarq Dallas, CRP has acquired the property for a purchase price of $13,400,630.
Built in 1968, Sierra Heights features 136 units spread across inviting one- and two-bedroom floor plans. The community is located minutes from Downtown Dallas providing easy access to the abundance of jobs that the Dallas-Ft. Worth Metroplex has to offer. In addition, Sierra Heights is conveniently located near state highways 183 and 12, University of Dallas, and DFW International Airport. Great shopping, dining, and entertainment destinations are also located within minutes of the property.
Sierra Heights demonstrates physical and operational value-add opportunities. Creative Realty Partners plans to continue the current renovation program and increase rents to a level commensurate with competitors in the area, thus considerably growing revenue. In addition, there is great potential to increase revenue by implementing a utility bill-back program to the tenants at a level consistent with the market.
Founded in 1994, CRP is a privately held real estate investment and syndication 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 Orange County and Los Angeles, the real estate team at Creative has over 70 years of combined multifamily investing experience. During the past ten years, CRP has acquired in excess of 6,300 multifamily units. Investments typically range between 100 and 400 units.