DALLAS, TX – HFF announces it has closed the sale of Villas of Josey Ranch, a 198-unit apartment community in the Dallas-Fort Worth submarket of Carrollton, Texas.
HFF marketed the property exclusively on behalf of the seller, a partnership between Harbert Management Corporation and Balfour Beatty Communities, and procured the buyer, Domain Communities.
Villas of Josey Ranch is situated on 12.37 acres at 2050 Keller Springs Road adjacent to Jimmy Porter Park. In addition, the community is proximate to numerous retail and entertainment options and notable economic drivers, including the Platinum Corridor, Telecom Corridor®, Legacy Business Park and CityLine. The property’s 19 two-story buildings comprise a mix of one- and two-bedroom units averaging 849 square feet, which are 96.5 percent occupied. Community amenities include resort-style swimming pools, outdoor picnic area with grilling stations, outdoor kitchen, 24-hour fitness center business center, direct access garages and covered parking.
The HFF investment advisory team representing the seller included senior managing directors Bill Miller and Roberto Casas, managing director Rob Key and senior director Greg Toro.
Holliday GP Corp. (“HFF”) is a Texas licensed real estate broker.
About Harbert Management Corporation: Harbert Management Corporation (HMC) is a privately owned alternative asset management firm with approximately $6 billion in Regulatory Assets Under Management across 10 discrete asset classes. HMC’s investment strategies include European and U.S. real estate, seniors housing, European and U.S. growth capital, mezzanine debt, independent power, U.S. private equity and public securities. HMC’s U.S. and seniors housing real estate strategy has offices in San Francisco, California; Birmingham, Alabama; and Dallas, Texas. Additional information about HMC can be found at harbert.net.
About Balfour Beatty Communities: Balfour Beatty Communities, LLC is a diversified real estate services company delivering development, design, financing, construction, renovation, property and facilities management services in the multifamily, student and military housing sectors. A leader in the industry, Balfour Beatty Communities has more than 50,000 residential units and $6 billion in real estate assets under management and has developed or renovated more than 29,000 units with a total value of close to $4 billion. Headquartered outside Philadelphia, Pennsylvania, Balfour Beatty Communities has more than 1,200 employees and is a subsidiary of Balfour Beatty Investments, Inc. Balfour Beatty Investments is part of Balfour Beatty plc, a global leader in construction services, support services, and infrastructure investment.
About Domain Communities: Headquartered in Houston, Texas, Domain Communities is a private value-add multifamily real estate investment company with a history of delivering superior returns to its investors. The company was founded by James ”JD” Golden, a former attorney and investment banker. The acquisition of the Villas of Josey Ranch marks the return of Domain into the Dallas metro market. "Texas remains a top destination for business relocations, and, Dallas, in particular, is poised for continued population and job growth,” said Golden. Domain has acquired, financed and asset managed multifamily and senior care facilities comprising nearly $1 billion in transactions.
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.