DALLAS, TX - McCann Realty Partner and its joint venture partner, The Carlyle Group, acquired Marquis on Cedar Springs, a 165-unit apartment community located in Dallas, TX. The property will be re-branded Radius Turtle Creek.
Built in 2001, the four-story, mid-rise property with a below-grade, two-level parking garage is located at 3604 Cedar Springs Road in Dallas, TX. The community is within the exclusive neighborhood of Turtle Creek, and is bound by Uptown and Downtown Dallas to the south and the high-end residential neighborhoods of Highland Park and University Park to the north.
Residents are within walking and biking distance to a wide variety of shopping, dining, entertainment and recreational destinations including Katy Trail, West Village, Klyde Warren and Reverchon Parks, the Arts District, the American Airlines Center and Victory Park.
The property presents a compelling value-add opportunity. McCann's business plan focuses on repositioning the property with a significant capital investment to upgrade the interior finishes, amenities, and clubhouse and leasing areas. The property will be managed by Pegasus Residential.
"The project has significant untapped value, plus a great location in a high-end neighborhood providing access to a growing employment center of Dallas," said McCann's Managing Director, Tre Banks. "By investing capital on interior finishes and common area amenities, we will be able to create value for our partnership and enhance our residents' lifestyles."
"Radius Turtle Creek fits our core plus strategy with near-term opportunities to significantly improve the overall positioning of the property with a post-renovation cost basis below replacement cost," said Matt Akin, President of McCann. "We are pleased to work with Carlyle on this transaction and look forward to building a long-term relationship with them."
Headquartered in Richmond, VA with offices in Houston, TX, McCann Realty Partners is a real estate investment and operating company that specializes in acquisitions, development and management of multifamily communities in the Southeast, Southwest, Mid-Atlantic and adjacent regions. Since inception, McCann has acquired 28 apartment communities totaling more than 7,695 homes in transactions valued at approximately $739 million.