Dallas, TX – Feb 11, 2019 – Multifamily Property Group (MPG) announces the acquisition of Smith Creek Apartments, a 192-unit Class B property comprising 185,000 livable square feet on 9.7 acres. The community has a very favorable unit mix with 75% of the complex being 2BR and 3BR layouts. Located just off Loop 12 in South-West Dallas, Smith Creek is the firm’s 13th acquisition in the Dallas-Fort Worth Metroplex.
“Smith Creek represented an increasingly rare opportunity to acquire an untouched 1980s asset in Dallas with considerable value-add upside at a price point that made financial sense” said JC Castillo, Founder & Managing Principal, Multifamily Property Group. The property will immediately undergo a $1.7M renovation plan to include 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.
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