DALLAS, TX – Berkshire Property Holdings, a privately held real estate investment firm, has acquired a multi-family portfolio of 568 units and two properties in Richardson, TX for $ 56.8 million.
The transaction is Berkshire Property Holdings' second and largest multi-family investment in the Dallas metropolitan area in the past eight months after it launched in December 2019 with the purchase of a 224-unit apartment complex in Arlington, TX.
In the most recent transaction, Berkshire Property Holdings acquired the portfolio from a local real estate investor.
The assets acquired include two neighboring 1979 vintage garden communities located on the 9900-1000 block of Walnut St. in the Dallas suburb.
The 308-unit Parks at Walnut comprises 25 two-story residential buildings on 12 acres of land. The 260-unit Ninety Nine 44 on Walnut building comprises 27 two-story residential buildings on 10.4 acres. Both low-density condominiums offer a mix of one- and two-bedroom floor plans and include swimming pools, BBQ and picnic areas, a playground, and clubhouses.
As the new owner, Berkshire Property Holdings will undertake a multi-million dollar renovation program across the portfolio, including a conversion of 222 units. The company will perform interior fittings such as new cabinets, lighting, plumbing, fixtures, floorboards, granite surfaces, stainless steel appliances, and washers and dryers in the unit.
William Jarnagan, Jay Gunn, Taylor Hill, Tom Burns and Michael Ware of Berkadia represented both parties in the transaction.
CBRE's Brian Eisendrath and his team arranged Freddie Mac's 10-year agency funding that was used for the acquisition.
"Prior to the pandemic, Texas was one of the leading providers of employment and population growth in the US, creating a tremendous demand for quality, affordable housing," said Zamir Kazi, CEO and co-founder of Berkshire Property Holdings. "The diversity and strength of the state economy is a good sign of recovery, and in that case we would like to be here to a significant extent."
The company plans to scale its business in Texas, where it currently owns 1,000 units. The company's multi-family portfolio includes 2,500 units in Florida, Texas, and Georgia.
