Three North Texas properties with more than 900 combined rental units were recently purchased by a Colorado-based real estate investment trust.
The three Dallas-Fort Worth properties were among several purchased by UDR in a $400 million statewide buying spree that included two apartment buildings in Austin, per the DMN.
As one of the country’s largest publicly traded apartment owners, UDR Inc. operates an extensive portfolio with nearly 60,000 units nationwide.
“Apartment fundamentals remain healthy and UDR’s relative competitive advantages in operations, capital allocation, and innovation set us up well for continued strong relative same-store and earnings growth,” UDR said in a September investor presentation.
The three North Texas properties to join UDR’s holdings include the 343-unit Lofts at Palisades Apartments in Richardson, the 296-unit Central Square apartments in Frisco, and the 273-unit Villaggio apartments in Mansfield.
With nearly 350 units, the Lofts at Palisades is the largest of the three DFW apartment buildings included in UDR’s latest purchase. Built in 2017, the Lofts is located at 2525 Empire Dr., just west of U.S. Highway 75 in Richardson. Rental units range from a nearly 600-square-foot studio to a roughly 1,300-square-foot two-bedroom apartment.
The second-largest of the acquisitions is Central Square, located at 6235 Main St. in the Frisco Square development. The apartment building was built in 2018 and has units starting at $1,176 for a studio and $1,970 for two bedrooms.
Villaggio is the smallest complex of the three UDR purchased. Located at 1701 East Debbie Ln. in Mansfield, the Villaggio was built in 2016. It has units spanning from a 690-square-foot studio to a 1,200-square-foot two-room apartment. Prices range from $1,336 to $1,824.
Overall, UDR’s largest holding is the world-class Vitruvian Park in Addison. Vitruvian Park is a luxury apartment community featuring a scenic walking trail, retail, and entertainment. The upscale rental community is known for its seasonal events, such as the Vitruvian Lights in the winter and the Vitruvian Salsa Festival in the summer.