DALLAS, TX - Berkshire Group, a real estate investment management company known for its vertically-integrated operating platform and experience in the multifamily sector, announced that an affiliate of the Company has acquired Aura Medical District, a 325-unit Class-A apartment community, completed in 2014, and located in the Medical District of Dallas, Texas. Following the completion of the transaction, the Company also announced the rebranding of the property as Berkshire Medical District.
Specific financial terms of the transaction were not disclosed. The property was acquired from Trinsic Residential Group.
“Consistent with our investment strategy, we view Dallas as having favorable expected growth prospects, strong underlying fundamentals, and proximity to major centers of employment,” said David Olney, Managing Director and Head of Multifamily Investments for Berkshire Group. “We believe the submarket around Berkshire Medical District is undergoing revitalization. Employment growth is expected from anticipated expansions at the area’s major medical centers and increased air traffic flying in to Love Field, and we are seeing new retail moving in. We believe these factors make Berkshire Medical District compelling for residents who desire downtown urban living in a modern apartment community close to professional opportunities and entertainment options.”
Berkshire Medical District is situated northwest of Downtown Dallas along the Maple Avenue Corridor, close to major transportation arteries including Dallas North Tollway, and Interstate 35. The property has close proximity to public transportation, being three blocks from a Dallas Area Rapid Transit station, providing access to downtown Dallas.
The property is a garden-style community consisting of ten 3-story, and two 2-story residential buildings with a variety of apartment configurations. Berkshire Medical Center offers residents access to Class-A community amenities including a clubhouse with conference centers, exercise room, business center, pool area, and dog park.
Berkshire Communities, the property management division of Berkshire Group, will manage the apartment community.