FORT WORTH, TX – Preferred Apartment Communities have completed the acquisition of Alleia in Presidio, a class A multi-family community of 231 units in Fort Worth, Texas.
Jeff Sherman, President of Multifamily for the company, said, "Alleia marks our re-entry into the Dallas-Fort Worth Metroplex, which continues to lead the country in overall population growth." Mr. Sherman added, “This property checks so many boxes for us; It is surrounded by affluent people, is in a prime school district, is less than five miles from two hospital systems, and is within walking distance of Presidio Towne Crossing, a shopping mall with Costco, Target and numerous restaurants and services. "
John A. Isakson, Chief Financial Officer, commented, “Alleia is another profitable acquisition for our multi-family portfolio from a high quality property developer with whom we have previously completed several transactions. We are excited to expand our multi-family portfolio and the Dallas / Ft. The Worth market is one of our strategic focus areas as it continues to be an attractive market with excellent demographic, economic and rental growth trends. The continued growth of our multi-family portfolio expands the strategic capital rotation that we have focused on over the past 12 months. "
Source: Preferred shared apartments