MALVERN, Pa.--(BUSINESS WIRE)--Balfour Beatty Communities recently completed the acquisition of a five apartment community portfolio in the Dallas-Fort Worth metroplex in a joint venture with equity partners Block Multifamily Group and Harbert Management Corporation, on behalf of the Harbert United States Real Estate Fund V (“HUSREF V”). Balfour Beatty Communities will perform all property management services across the portfolio through its Multifamily Division, and Block Multifamily Group will be responsible for all asset management services.
The acquisition portfolio consists of the following apartment communities:
| 1. | Madison at Round Grove (404 units) | ||
| 201 E. Round Grove, Lewisville, Texas | |||
| 2. | Madison on the Parkway (376 units) | ||
| 19002 Dallas Parkway, Dallas, Texas | |||
| 3. | Wimberly Apartments (372 units) | ||
| 4141 Horizon North Parkway, Dallas, Texas | |||
| 4. | Wimbledon Oaks (248 units) | ||
| 1802 Wimbledon Oaks Lane, Arlington, Texas | |||
| 5. | Villas of Josey Ranch (198 units) | ||
| 2050 Keller Springs Road, Carrollton, Texas | |||
"This significant transaction, coupled with our acquisition of the Townlake of Coppell apartment community earlier this month, greatly strengthens our position in the greater Dallas residential marketplace," said Chris Williams, president of Balfour Beatty Communities. "With strong historical performance and the opportunity for value-add improvements, these properties fit well with our multifamily strategy and we look forward to welcoming them into our portfolio."
About Balfour Beatty Communities
Balfour Beatty Communities, LLC is a diversified real estate services company delivering development, design, financing, construction, renovation, property and facilities management services in the multifamily, student and military housing sectors. A leader in the industry, Balfour Beatty Communities has more than 45,000 residential units and $5.7 billion in real estate assets under management and has developed or renovated more than 29,000 units with a total value of close to $4 billion. Headquartered outside Philadelphia, PA, Balfour Beatty Communities has more than 1,200 employees and is a subsidiary of Balfour Beatty Investments, Inc.
Balfour Beatty Investments is part of Balfour Beatty plc, a global leader in construction services, support services, and infrastructure investment.
About Harbert Management Corporation
HUSREF V is sponsored by Harbert Management Corporation (“HMC”). HMC, together with its sponsored funds, has owned, developed and managed multifamily, office, industrial, retail and self-storage properties throughout the United States. HMC has a history of identifying real estate investment opportunities through its network of long-term, strategic relationships. HUSREF V’s approach is hands-on, targeting properties that the HUSREF V Investment Team believes are undervalued, and where value can be created through focused operational management. Additional information about HMC can be found at www.harbert.net.
About Block Multifamily Group
Block Multifamily Group (BMG) provides multifamily management services in a wide geographic area. Our de-centralized management, coupled with a centralized financial center, enables our staff to provide proactive property management services in a timely manner. Effectively managing our clients' needs is the focal point of our operating philosophy. Covering conventionally-financed multifamily assets as well as HUD-insured and Low Income Housing Tax Credit (LIHTC) properties, BMG is able to provide services for a wide client base.
BMG is a division of Block Real Estate Services (BRES), is a full-service commercial real estate company managing over 33 million square feet of retail, office, industrial, and multifamily properties for equity partnerships and third party owners. BRES’ portfolio of services continues its role as the most comprehensive commercial real estate firm in Kansas City by providing and specializing in: real estate brokerage services, tenant representation, investment services, asset and property management, economic incentives consultation, financial services, construction and development services, and the Block Funds.
