Garland, TX – October 12, 2018 –Silicon Valley-based real estate investment firm Multifamily Property Group (MPG) is pleased to announce the sale of Bay Island Apartments to a local Dallas-based investment firm. The 120-unit apartment community is located just outside of Dallas, in the highly desirable northeast submarket of Garland, Texas.
Acquired in March 2016, Bay Island was the firms 7th multifamily project in DFW to complete the full investment cycle. “With an irreplaceable location on Lake Ray Hubbard, Bay Island represented a unique opportunity to purchase a solidly performing Class C asset at an attractive basis with significant value-add upside in an off-market, direct buyer-to-seller transaction. In Bay Island, we immediately identified multiple exit strategies, including a long-term hold benefitting from the planned multi-billion dollar development activity in and around Lake Ray Hubbard. Given the current market conditions, a short-term exit was the preferred path because it enabled us to realize a significant return on investment for our capital partners upon execution of the value-add strategy”, said JC Castillo, Founder & Managing Principal of the Multifamily Property Group.
About Multifamily Property Group
Multifamily Property Group (MPG) is a Silicon Valley based private equity real estate 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.
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