Source: Virtus Real Estate Capital / #Apartments #Multifamily
DALLAS, TX - Virtus Real Estate Capital, a real estate private equity firm based in Austin, Texas, recently acquired a portfolio of two multifamily housing communities located in Dallas. The properties, Bayou Bend and Pecan Square, totaling 748 units of Class B apartments, were acquired in a strategic joint venture with a local partner and property management company.
Built between 1981 and 1982, Bayou Bend and Pecan Square are located within walking distance of each other in the heart of northwest Dallas. Both apartment communities offer fully upgraded one and two-bedroom floor plans with convenient access to shopping centers, grocery stores, the DART Bus System and Highways I-635 and I-35. Virtus will spend $2.2 million in upgrades to the existing properties beginning immediately.
"These two acquisitions mark the launch of our initiative to acquire well located, multifamily properties marketed to the growing and underserved needs of Hispanic families today,” said Kevin White, director of acquisitions, Virtus Real Estate Capital. “Typically defined by their highly fragmented ownership and operationally intensive nature, these multifamily communities represent excellent investment opportunities for us to leverage our value-add strategies and make better communities.”
Unlike traditional real estate investing firms, Virtus develops its investing strategy emphasizing the role of specific demographic trends which include: the aging and growth of the baby boomer generation; the coming of age of the millennial generation; the growth of the Hispanic population in the United States; and the transitory nature and decreased job tenure of the American worker.
“While Dallas remains a target market for Virtus, we are also evaluating opportunities in other Texas and Oklahoma markets,” said White.
Virtus Real Estate Capital is a private equity real estate investment company based out of Austin, Texas. Founded in 2003, Virtus has acquired over $2.3 billion of commercial real estate in more than 165 properties across the United States.