Creative Realty Partners is pleased to announce the opportunity to invest in the Mirabel apartments, an exceptional off-market, value-add multifamily community in Grand Prairie (Dallas-Fort Worth Metropolitan Statistical Area or “MSA”), Texas.
Built in 1971, Mirabel features 86 units spread across inviting two and three bedroom floor plans. The average unit size is 930 square feet with a total rentable area of 80,016 square feet. Mirabel offers residents spacious layouts and amenities such as a pool as well as open community and green spaces. The community is located within walking distance to shopping, dining and entertainment options. In addition, being minutes from Downtown Dallas provides easy access to the abundance of jobs that the Dallas-Ft. Worth Metroplex has to offer. Furthermore, Mirabel is conveniently located near interstate 30 and state highways 180 and 12, University of Dallas, and DFW International Airport.
This investment represents a unique off-market opportunity made possible by the extensive relationships with local brokers and owners. CRP recently purchased the Sierra Heights apartments from the same ownership group. Located in Grand Prairie, the Property benefits from being situated in a strong submarket in the DFW metro. Rent growth has outperformed the metro average, trending at a 19.9% year-over-year increase from June 2021 through June 2022 (Yardi).
Mirabel demonstrates physical and operational value-add opportunities. We plan to continue the current renovation program and increase rents to a level commensurate with competitors in the area, thus potentially growing revenue. In addition, there is potential to increase revenue by increasing the 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 6,500 multifamily units. Investments typically range between 100 and 400 units.