Source: HLC Equity
PRINCETON, TX - HLC Equity, a national real estate investment and property management firm, has announced the purchase of Southgate Apartments, a 156-unit, new construction community located in Princeton, Texas.
Southgate Apartments, the latest Class A acquisition for HLC Equity, is located adjacent to the high growth McKinney area of Dallas. The city is undergoing significant economic expansion due to growth in key industries. For the past decade, McKinney has maintained a consistent presence on the list of fastest growing cities in the nation.
The Southgate Apartments community was completed in Q1 of 2022, when HLC Equity secured the off-market opportunity from a relationship with the developer, who specializes in the local DFW market. Inheriting the lease-up component has allowed HLC Equity to generate a better yield and is expected to stabilize at a 5% cap rate. The property offers residents exclusive, never-lived-in units plus a variety of distinguished amenities. From an expansive resort-style pool and clubhouse to a state-of-the-art fitness center and a dog park, Southgate provides residents with a heightened experience, regardless of their style or preference.
"We are excited to add Southgate to our expanding Dallas portfolio. This opportunity was sourced off-market through our relationships with an experienced local developer. This community hits right in our target of acquiring high quality assets in growing markets with the high potential to outperform." commented Daniel Farber, CEO of HLC Equity.
Southgate Apartments will be managed by HLC Equity's internal property management team and will implement many features developed by its Layers brand. Layers endeavors to increase property value and resident experience by providing certain unit upgrade options, integrating the company's innovative technology and offering onsite/offsite services to further benefit residents and community at large.