DALLAS, TX - Mike Phillips, CCIM, CPM, President and Cathy Finn, VP of MBP Capital, Inc., of Denver, Colorado, with regional offices in Dallas, Texas, announced the successful closing on the purchase of Frances Way Villas in Richardson, Texas. Ryan Heddleston, CCIM, Director of Acquisitions, states that MBP closed on the purchase of property on March 18, 2016 under the entity name Frances Way MBP, LLC. MBP put the property under contract in late January and closed with local bank bridge financing in less than 55 days.
The property is a B- Class multifamily residential 200 unit garden style property located approximately 16 miles north of downtown Dallas in the City of Richardson. The average unit size is 968 sq. ft. with the majority of the units being 2 & 3 bedrooms with select buildings offering villa style with gorgeous vaulted ceilings and unique exposed beams.
MBP Capital, Inc. hired Catalyst Multifamily to handle the property management, renovations and repositioning of the asset. Catalyst specializes in repositioning B and C class multifamily properties in Texas and Colorado. For more information about Catalyst Multifamily, contact Cathy Finn, Principal and VP, at cathy@mbpcapital.com.
MBP will be rebranding the property with a new name, “The Beverly”. The Beverly will undergo a $2.5 -$2.7MM renovation project. The $12,000 per unit renovation will include new custom signage, a fully remodeled office, security gates, as well as upgrading or adding new community amenities such as a fitness center, sand volleyball, a splash pad, a dog park, new hardiplank siding throughout, and new patio and balcony cedar fencing. The interiors will also be fully renovated with the addition of washer and dryer connections, new paint, black appliances, wood style flooring, hanging designer bathroom mirrors, new cabinetry, and brushed nickel light/plumbing/hardware fixtures.
Over the last 12 months, MBP Capital, Inc. has purchased over 675 units in Garland, Irving, Richardson and Hurst, Texas. They are actively pursuing the purchase of additional value-add properties in DFW and other Texas markets. Please contact Ryan Heddleston, CCIM, Director of Acquisitions of MBP Capital, Inc. at ryan@mbpcapital.com.