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Monday, December 5, 2022
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California Investor Acquires Local Apartment Complex

Real Estate

The Atlantica apartments in Burleson were built in 2021 by Sovereign Properties. | Image by Jacobson Co.

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Los Angeles-based Jacobson Co. has acquired Atlantica at Burleson, a 217-unit, garden-style, multifamily community in Johnson County.

The off-market transaction was brokered by Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill, and Jeffrey Kindorf of Institutional Property Advisors. Brian Eisendrath and Cameron Chalfant of IPA Capital Markets secured financing.

Sovereign Properties developed the complex, located at 285 SE John Jones Dr., and construction began in 2021.

Completed this year, Atlantica at Burleson includes five buildings with various apartment units available. The community offers units up to 1,412 square feet with one, two, or three bedrooms.

The community features common-area amenities, including a business center, 24-hour fitness center, clubhouse, swimming pool, pet park and spa, and detached garages.

Within units, residents can enjoy stainless-steel appliances, washers and dryers, walk-in closets, private decks or balconies, and digital locks.

The community is close to many retail destinations, including a Walmart Supercenter and a Home Depot. In addition, residents have easy access to many dining options in the area and parks.

Larry Jacobson, president and CEO of Jacobson Co., said the property is already nearly full.

In his prepared statement, Jacobson referenced a recent study that said the U.S. would need tens of thousands of new apartments to meet demand in the next dozen years. According to the data, 40% of that future demand will occur in just three states, one of which is Texas.

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