Berkshire Group Picks Up 325-Unit Aura Medical District in Dallas
- Jan 08, 2015
Boston-based Berkshire Group just expanded its footprint in Dallas with the acquisition of Aura Medical District, a newly constructed, 325-unit apartment community. Redubbed Berkshire Medical District, the asset is located northwest of Downtown Dallas at 4730 Fairmount St., in the proximity of two major transportation arteries and three blocks away from a Dallas Area Rapid Transit station. Berkshire acquired the asset from Trinsic Residential Group for an undisclosed amount.
The garden-style community comprises 10 three-story and two two-story residential buildings that feature townhomes and one- and two-bedroom floor plans that range between 695 and 1,279 square feet. Residents of the community also have access to a clubhouse and a resident lounge, an executive conference center, a fully equipped fitness center, a pool area and a pet-friendly park.
“Consistent with our investment strategy, we view Dallas as having favorable expected growth prospects, strong underlying fundamentals and proximity to major centers of employment,” said David Olney, managing director & head of multifamily investments for Berkshire Group. “We believe the submarket around Berkshire Medical District is undergoing revitalization. Employment growth is expected from anticipated expansions at the area’s major medical centers and increased air traffic flying in to Love Field, and we are seeing new retail moving in.”
Image courtesy of Berkshire Group and Trinsic Residential Group via official website