DALLAS, TX - Mill Creek Residential Trust LLC, a national apartment developer, investor and operator, announced that it has acquired three apartment communities in Texas totaling 589 apartment homes in urban in-fill locations in Houston and Austin.
The acquisitions reinforce Mill Creek's "buy where we build" strategy to build critical mass in markets characterized by solid employment fundamentals, job growth and consumer demand and where the company has communities under construction or in planning.
"When we started Mill Creek in 2010, we began with a team of experienced real estate professionals across the country – our on-the-ground experts are uniquely positioned to take immediate advantage of local acquisition and development opportunities," said Charles R. Brindell, Jr., chairman and chief executive officer. "In addition to our healthy development pipeline, we look forward to expanding our presence in our chosen markets through the acquisition of exceptionally located communities that are prime for physical or operational improvements."
Mill Creek's dedicated acquisitions group comprises four professionals who work closely with the company's local partners to identify strategic investment opportunities. Wes Dickerson, managing director, East Region Acquisitions, oversaw the Texas transactions. "A core element of Mill Creek's acquisitions strategy is to provide multiple rental options to our customers," said Mr. Dickerson. "Our 'buy where we build' approach allows us to offer both existing and brand-new communities within the same submarket, which extends our reach to a larger customer base and ultimately creates a distinct competitive advantage for the company."
In addition to its recent acquisitions, Mill Creek has more than 10,000 apartment homes under construction or in planning nationally. In Texas, the company's development communities represent a total of 1,109 apartment homes and include Victory Park and Courtyard at Knox in Dallas, Uptown River Oaks in Houston, and Barton Springs in Austin.
Acquisitions Overview
La Tour Fontaine is a Class A community comprising 162 apartment homes in a core in-fill Houston Galleria location – one of the strongest rental markets in Houston. With easy access to the Galleria corridor and the Uptown Houston employment center, La Tour Fontaine offers 1- and 2-bedroom apartments with an average size of 1,051 square feet and a multi-level parking garage.
The Place at Greenway is within walking distance to Greenway Plaza, one of Houston's largest employment districts with more than 4 million square feet of office space and a workforce is excess of 22,000. The community, composed of 219 apartment homes, is situated between River Oaks and West University Place, two of Houston's most affluent and desirable residential neighborhoods. The community offers 1- and 2-bedroom apartments with covered parking throughout.
Woodmoor in Austin offers 208 apartment homes in the city's South Lamar (SoLa) corridor, known for its abundant dining and entertainment options and easy access to the Central Business District and Southwest Austin employment centers. Woodmoor offers studio, 1- and 2-bedroom apartments and heavily treed open spaces for its residents.
Mill Creek Residential Trust LLC is national multifamily company focused on the development, acquisition and operation of apartment communities in targeted markets nationwide. The company proactively pursues development, acquisition and construction opportunities through its seasoned team of real estate professionals in 14 offices across the United States. Mill Creek is building its portfolio in many of the nation's most desirable apartment markets in Seattle, Portland, the San Francisco Bay area, Southern California, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Washington, D.C., New Jersey, New York, and Boston. As of August 29, 2012, the company's portfolio comprised 40 communities totaling 10,814 apartment homes that were operating, under construction or in planning.