NEW YORK, NY - New York-based Atlas Real Estate Partners, in partnership with Blue Whale Enterprises, recently sold Bella Vida Estates, a 548-unit community located in Plano, TX. The partnership sold the garden-style community to Atlanta-based Cortland. HFF facilitated the sale of the 95% occupied Property.
Atlas and Blue Whale purchased the asset in 2013 at an attractive basis and made significant capital improvements over their hold period. The improvements included clubhouse renovations, amenity upgrades, a new dog park, 100% new roofs, and upgraded unit interiors. Since its inception in 2009, Atlas has completed acquisitions totaling $1B throughout the United States including over 7,000 apartment units.
“This was an excellent transaction for Atlas and Blue Whale in that is showcased our value-add investment strategy of buying underperforming apartment communities located in growing submarkets,” said Arvind Chary, Managing Partner at Atlas. “The favorable macro trends of the apartment market, combined with the growth of the North Dallas market and our value-add expertise, enabled us to deliver superior risk-adjusted returns to our investors.”
Located at 9601 Custer Road in Plano, Bella Vida Estates offers residents a variety of amenities, including a state-of-the-art clubhouse, several resort-style pools, fitness center, sand volleyball court, dog park, tennis and basketball courts, and a playground. Unit interiors feature granite countertops, stainless steel appliances, dishwasher, full-size washer and dryer, large walk-in closets, and fireplaces in select units.
Atlas Real Estate Partners is a privately-held real estate investment firm headquartered in New York, NY, focused on value-add investments in multifamily, student-housing, retail, and office assets throughout the United States. Atlas is led by Managing Partners, Arvind Chary and Alex Foster. Since its formation in 2009, Atlas has closed over 45 acquisitions with a total capitalization of more than $1B in numerous markets including MD, DC, VA, FL, NY, TX, and MA.
Additional information about Atlas Real Estate Partners can be found at www.atlasrep.com