LOS ANGELES, CA - Lagovent Real Estate Group, a national real estate investment firm headquartered in Los Angeles, CA, today announced the acquisition of a 952 apartment portfolio in Mesquite and Duncanville, Texas. The total consideration for the acquisition was $40.5 million. "These are core assets with stable cash flow which will provide our investors with risk adjusted, double-digit first year returns," stated Konstantin Glasmacher, Managing Partner at Lagovent. "These types of multifamily assets fit nicely into our national real estate strategy which focuses on very specific location and asset attributes."
The acquisition includes two properties, Camelot Village a 512 unit complex in Mesquite, TX and Wimberly Park a 440 unit complex in Duncanville, TX. "This acquisition illustrates our confidence in the Texas market," said Brett Markinson, Managing Partner at Lagovent. "We are constantly searching for properties such as these to add to our investment portfolio and look forward to acquiring additional assets in the area."
The garden-style, class B assets were constructed in the 1980s and are situated on expansive lots accented by mature landscaping. Each property is complimented by a full array of modern amenities designed to attract and retain the solid tenant bases of each respective submarket. The overall condition of the assets, which have little to no deferred maintenance, and the strong rental metrics of the surrounding areas have resulted in current and historical occupancy rates in excess of 90%. Both properties are bordered by major interstate freeways and located approximately ten miles from the heart of Dallas, Texas. In addition, the properties are fully-amenitized, and have business centers, gyms, swimming pools, playgrounds, and secured living.
"With a limited supply of similar units in the area, coupled with steady job and population growth, we are very pleased to add these properties to our Texas portfolio," commented John Swartz, VP at Lagovent. "These properties represent the quality of asset for which Lagovent is known."
Source: Marketwire