FORT WORTH, TX - Preferred Apartment Communities completed the acquisition of Alleia at Presidio, a 231-Unit Class A multifamily community in Fort Worth, Texas.
Jeff Sherman, the Company’s President of Multifamily said, “Alleia marks our re-entry into the Dallas-Fort Worth metroplex, which continues to lead the nation in total population growth.” Mr. Sherman added, “This property checks so many boxes for us; it is surrounded by affluent demographics, is located in a top-rated school district, is less than 5 miles from two hospital systems and is walkable to Presidio Towne Crossing, a destination retail center including a Costco, Target and numerous restaurants and services.”
John A. Isakson, Chief Financial Officer commented, “Alleia represents another accretive acquisition for our multifamily portfolio from a high-quality developer we have done multiple transactions with previously. We are excited to continue to grow our multifamily portfolio and the Dallas/Ft. Worth market is one of our strategic focuses as it continues to be an attractive market with excellent demographic, economic and rent growth trends. The ongoing growth in our multifamily portfolio further extends the strategic rotation of capital we have been focusing on for the last 12 months.”
Source: Preferred Apartment Communities