Lagovent Buys Apartment Portfolio in Dallas Metroplex
- May 14, 2008
Lagovent Real Estate Group has acquired two Class B Dallas-area apartment complexes totaling 952 units for a total consideration of $40.5 million. The seller was the Frankel Family Trust of Anaheim, Calif. “These are core assets with stable cash flow which will provide our investors with risk adjusted, double-digit first-year returns,” Lagovent managing partner Konstantin Glasmacher said in a prepared statement. “These types of multi-family assets fit nicely into our national real estate strategy, which focuses on very specific location and asset attributes.” The two properties are Camelot Village, a 512-unit complex in Mesquite, Texas, and Wimberly Park, a 440-unit complex in Duncanville, Texas. The garden-style properties, built in the 1980s, reportedly have little or no deferred maintenance and have had steady occupancy rates of over 90 percent. Both properties are adjacent to interstate highways and both feature business centers, gyms, swimming pools and playgrounds. “These properties are immaculate,” Lagovent vice president John Swartz told CPN today. “They’re really the upper end of Class B.” Although Lagovent often focuses on Class B properties with value-add opportunities, he explained, in this case the properties won’t need a significant capital infusion. The tenant mix, Swartz added, is a good cross-section of singles, couples and families with children, and has a history of low turnover. Los Angeles-based Lagovent Real Estate Group sponsors a range of property investment vehicles and focuses on U.S.-based multi-family investments and on capital preservation and value enhancement.