Dallas, TX - Feb 11, 2019 - Multifamily Property Group (MPG) recently completed a $MM reposition of Aroya Apartments (formerly Smith Creek), a 192-unit Class B property in Dallas, Texas comprising 185,000 livable square feet on 9.7 acres. Check out this drone video of the post-renovated property.
The community has a very favorable unit mix with 75% of the complex being large 2BR and 3BR layouts. Located just off Loop 12 in South-West Dallas, Aroya is the firm’s 13th acquisition in the Dallas-Fort Worth Metroplex.
“Aroya Apartments (formerly Smith Creek) represents an increasingly rare opportunity to acquire an untouched 1980s asset in Dallas with considerable value-add upside at a price point that makes financial sense. With the renovations complete, we are now positioned to capture that upside” said JC Castillo, Founder & Managing Principal, Multifamily Property Group.
Renovations included rebranding, exterior and amenity improvements, and dwelling unit upgrades featuring granite countertops, stainless steel appliances, faux-wood flooring, and designer fixtures. “We look for properties with multiple ways to add value. In addition to the upside from our planned renovations, we also identified a major opportunity to bill back residents for utilities, which was not being done by prior ownership. That alone will deliver 4% revenue increase without swinging a single hammer” said Castillo.
About Multifamily Property Group Multifamily Property Group (MPG) is a Silicon Valley based private equity real estate investment company focused on acquiring, repositioning and operating value-add multifamily properties in select high growth US markets. MPG, along with its in-house property management affiliate, Luminera Properties, currently owns and operates a significant portfolio of Class B & C assets in the Dallas-Fort Worth Metroplex.