Stoneweg US Strengthens ESG-Optimized Portfolio with Acquisition of 324-Unit Prosper Crossings Apartments in Dallas Submarket

Stoneweg US Strengthens ESG-Optimized Portfolio with Acquisition of 324-Unit Prosper Crossings Apartments in Dallas Submarket

DALLAS, TX - Stoneweg U.S, a real estate investment and development firm focused on ESG optimization in the workforce housing sector, and with a growing portfolio valued at $2.1 Billion AUM, announced the acquisition of Prose Frontier, soon to be rebranded as Prosper Crossings. This 324-unit core plus multifamily asset aligns perfectly with Stoneweg US' commitment to driving impactful, responsible investments and fostering sustainable communities.

Developed by Alliance Residential and Carlyle, Prosper Crossings spans approximately 15 acres and features 10, three-story residential buildings alongside a state-of-the-art clubhouse and leasing office. The asset offers a balanced mix of 1- and 2-bedroom units, positioning it as an attainable living community that aligns with the workforce housing sector lifestyle.

"This development exemplifies Carlyle's approach to the rental housing sector, focusing on demographically driven demand opportunities that offer an attractive value proposition relative to home ownership," stated Ashley Fitzgerald, Principal at Carlyle.

Strategically situated in Collin County, Texas, a high-growth area within the Dallas MSA, Prosper Crossings serves a rapidly expanding population that has nearly doubled from 47,000 in 2020 to 85,000 in 2023. This demographic surge is accompanied by top-tier educational systems like the Prosper Independent School District and strong income levels, making it the ideal location for a responsible investment.

Garrett Pisarik, Director of Acquisitions at Stoneweg US, said, "Closing this acquisition, especially in these challenging times, is a testament to the hard work and commitment of our team and partners. Prosper Crossings not only offers excellent investment potential but also serves as a platform for our ongoing ESG initiatives."

As part of Stoneweg US' strategic commitment to ESG, Prosper Crossings will see the incorporation of several environmentally conscious improvements including the installation of EV charging stations, and a solar array panel on the leasing office/clubhouse, to minimize the property's carbon footprint. Socially responsible amenities like expanded pool areas and updated dog parks also contribute to the overall well-being of the community.

"As we grow our portfolio, ESG considerations are at the forefront of every investment decision we make," said Garrett Pisarik. "Prosper Crossings will serve as another example of how real estate investment and sustainability can—and should—go hand in hand."

Source: Stoneweg US

More Stories

Get The Newsletter

Get The Newsletter

The latest multifamily industry news delivered to your inbox.