Creative Realty Partners (CRP) is pleased to announce the acquisition of 3800 on Portland Apartments, a 212 unit multifamily community located at 3800 on Portland, Irving, TX. With this latest acquisition, CRP has further expanded its portfolio in the Dallas/Fort Worth market.
Built in 1972, 3800 on Portland features 212 units spread across spacious one, two, and three bedroom floor plans. The average unit size is 928 square feet with a total rentable area of 196,698 square feet. 3800 on Portland offers residents two resort-style pools with in-pool chaise lounges, poolside grills with social seating as well as poolside WiFi. In addition, the property features a newly refreshed leasing office featuring modern finishes, a two-story clubhouse, a recently upgraded fitness center, as well as a dog park with a fully equipped pet spa.
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. 3800 on Portland’s excellent location places the property among a very large and diverse employment base including Las Colinas, which is known as “The Headquarters of Headquarters” and is home to 9 Fortune 500 Headquarters with an employment base of 103,000. Also located nearby are DFW International Airport, North Texas’ largest employer, defense contractors Bell Textron and Lockheed Martin as well as multiple distribution employers including Amazon. In addition, 3800 on Portland is a great option for commuters with direct access to SH-161 and quick access to SH-114, SH-183 and SH-360.
This investment represents a unique distressed loan opportunity made possible by CRP’s long-time relationships with local brokers and owners. Located in Irving, the property benefits from being situated in one of the strongest submarkets in the DFW metro. Rent growth in the Irving Submarket has outperformed the metro average for the past five years.
3800 on Portland demonstrates physical and operational value-add opportunities. CRPH VI 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 are additional income opportunities by renting out carport parking and introducing a cable-billback program.
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.