DALLAS, TX - American Communities, a real estate firm that focuses on the acquisition, development and management of multi-family communities in key markets, announced today that it recently acquired three multi-family housing properties in North Texas, which include Cornerstone Ranch and Laurel Ridge in Plano, Texas, as well as Islands West in Irving, Texas. The purchase of the three multi-family communities marks seven acquisitions for American Communities in the past 18 months.
“To finalize a deal on two multi-family properties in 28 days and negotiate a third property concurrently is rare in our industry”
“To finalize a deal on two multi-family properties in 28 days and negotiate a third property concurrently is rare in our industry,” said Ronny Guerrero, CEO and president of American Communities. “This is especially true since interest rates are on the rise. However, our growth is not built on real estate alone; it stems from our proven approach to brand communities and our hands-on management.”
American Communities closed on the three properties, all of which are located in North Texas, in early August 2013. The real estate firm has already started plans for renovations and upgrades to the properties, which will be similar in scope to those that American Communities completed on Bel Air Las Colinas, formerly Chaparral Creek, in Las Colinas, Texas.
“Within hours of closing on the properties, our maintenance team was on site to complete needed repairs,” said Lisa Holcomb, Chief Operating Officer at American Communities. “One of the properties closed their pool during the summer, and within two days we had it back up and running for tenants. When American Communities buys a property, we want everyone to know they’ll enjoy immediate improvements and responsiveness. We’re building a brand based on the kind of customer service that has become a rarity from property managers.”
The three properties will be renamed under the Bel Air moniker following renovations. “We’re not just transforming our properties, we’re transforming the way the multi-family industry conducts business,” added Guerrero. “We’ve developed a business system that is unique to our industry. This process has already attracted a lot of attention. But we’ve turned away equity opportunities because their business objectives didn’t align with our vision of the American Communities brand.”