Harbor Group International Acquires 378-Unit Mezzo Apartment Community in Thriving North Dallas Submarket of Aubrey, Texas

Harbor Group International Acquires 378-Unit Mezzo Apartment Community in Thriving North Dallas Submarket of Aubrey, Texas

AUBREY, TX - Affiliates of Harbor Group International ("HGI"), a privately owned international real estate investment and management firm, announced the acquisition of Mezzo, a 378-unit, Class A multifamily property in Aubrey, Texas. Built in 2022, Mezzo consists of twelve three-story buildings and a clubhouse.

Mezzo is located in a rapidly evolving submarket of North Dallas that has experienced a significant 326% increase in population since 2000. This coincides with a time of considerable business development in North Dallas. Located approximately three miles from the Property, the PGA of America recently completed its headquarters and is building two additional mixed-use developments. Furthermore, the Property is conveniently surrounded by a variety of dining options and entertainment, including golf courses and shopping centers.

The close proximity to employment hubs and neighborhood attractions make Mezzo well-positioned to meet the community's growing need for high-quality multifamily accommodations.

"The Mezzo acquisition is a testament to HGI's suburban investment approach and ability to identify opportunities in fundamentally strong markets across varying market conditions," said Richard Litton, President, HGI. "The area has seen an influx of renters migrating from more expensive areas of Texas, and we expect Mezzo to see high occupancy rates in the coming years as the desirability of Aubrey, Texas continues to attract residents to the area."

Mezzo benefits from state-of-the-art amenities throughout the property and individual units. This includes a fitness center, yoga studio, resort-style pool and spa, as well as co-working spaces, a resident lounge, an outdoor kitchen and dining area. In-unit interiors include Whirlpool appliances, quartz countertops, washer-dryer sets, spacious closets, European-style cabinetry, and balconies or patios.

Since Mezzo's opening in February 2022, the Property has experienced a consistent flow of move-ins on a monthly basis during its lease-up period. Mezzo is 84% occupied as of April 2023.

Newmark facilitated the transaction, with Henry Stimler, Bill Weber and Matt Mense arranging the debt and Brian Murphy and Brian Oboyle brokering the sale.

Source: Harbor Group International

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