DALLAS, TX – Lion Real Estate Group, LLC ("LREG"), a real estate investment and asset management company focused on the acquisition of value-added and opportunistic apartment buildings, announced the acquisition of Trinity, an apartment building of 496 units in 1147 Esters Road in Irving, Texas. Conditions of sale were not disclosed.
Trinity, formerly known as Trails of Towne Lake, was first built in 1984. Housing units range from 637 square feet to 1,152 square feet with a mix of one- and two-bedroom units and offer a variety of amenities including a resort-style pool and fitness center. The property recently completed the exterior upgrade and is undergoing a $ 4.5 million renovation program to add curb appeal and bring rents to market value.
"We are excited to close this deal and expand our presence in the Dallas-Fort Worth area," said Jeff Weller, Co-Founder and Managing Principal of LREG. "After moving LREG's headquarters to Dallas in early 2021, the Trinity purchase reflects our ability to identify attractive apartment buildings in nearby upscale suburbs where we can work with investors to create value and generate promising returns."
The Trinity transaction marks LREG's first investment from its newest fund, LREG Multifamily Fund II, which recently raised $ 118 million from a mix of wealthy and institutional investors. In line with the thematic focus of the LREG, the fund targets apartment buildings in high-growth areas with good connections to urban centers and highways. Trinity is 15 minutes from downtown Dallas and is close to State Highways 161 and 183. LREG's first fund, Marble Partners Fund I, LLC, has been fully invested in 3,503 units in nine markets as of 2020.
"As one of the strongest submarkets in Texas, we are very excited to add Irving to our investment portfolio," added Mory Barak, Co-Founder and Managing Principal of LREG. "The region's solid foundations for growth, its location outside the city center and the diverse, well-trained workforce were convincing characteristics when we examined this investment opportunity."
Dallas-Plano-Irving is a premier subway job recovery division after the pandemic, accounting for nearly a third of total Texas job growth in the second quarter of 2021. Irving has more Fortune 1000 global headquarters per capita than any other city in the state, according to The Irving Economic Development Partnership, and was also recently named the second most culturally diverse city in the United States
The transaction follows LREG's acquisition in April of Collier Ridge, a 300-unit apartment building in West Buckhead, Atlanta, GA. The estimated value of LREG's real estate and cash assets under management is approximately $ 1.1 billion as of August 31, 2021.