MIAMI, FL – Atlantic | Pacific Companies (A|P), through its private equity fund Blue Atlantic Partners II (BAPII), has acquired two properties in the northern suburbs of Dallas, Texas including Avana Stonebriar located in The Colony, and Avana McKinney Ranch located in city of McKinney. These acquisitions bring the total of A|P owned & managed properties in the Texas market to 12, or approximately 4,000 units.
Avana Stonebriar, a 294-unit property and Avana McKinney Ranch, a 343-unit property are both nestled in luxury neighborhoods and offer one, two, and three-bedroom apartment homes with numerous community amenities. Within 30 days of closing, A|P will rename Avana Stonebriar to The Atlantic Stonebriar and Avana McKinney Ranch to The Atlantic McKinney Ranch.
“The purchase of these two properties reinforces our commitment to acquiring the highest caliber of multifamily homes for our Texas portfolio,” said Mark Briggs, Chief Operating Officer at Atlantic | Pacific Real Estate Group (A|P REG), the real estate investment and asset management subsidiary under A|P.
A|P will perform significant capital improvements to both properties including extensive interior unit upgrades with granite countertops, stainless steel appliances, and updated hardware and flooring. Additionally, the exterior renovations will include paint, a re-imagining of the properties’ leasing office, clubhouse, and fitness centers, and pool and landscape enhancements. These improvements will significantly elevate the positions of these properties within their respective markets.
Atlantic | Pacific Management (A|P Management), the property leasing & management platform under A|P, will handle all management responsibilities for both properties.