SAN FRANCISCO, CA (October, 2013) — Ron Abta and Travis Pacoe, principal investors and managers of multifamily properties in the mid-western and central United States, have completed the acquisition of the Arbor Vista Apartments, a 196 unit apartment project in Dallas, TX. The acquisition is the third purchase completed by WIP in 2013.
“The seller of Arbor Vista had recently completed a major renovation of the property and lease-up. Although stabilized, there is significant upside in rents as most units were rented over the past 12 months with a focus on occupancy rather than rent maximization. Further, the Lake Highlands area of north Dallas is experiencing significant revitalization and is in the path of growth for Dallas in general. We obtained a new 10 year FNMA loan through Walker & Dunlop,” stated Travis Pacoe, general partner of Polaris Real Estate Partners. “We have additional acquisitions planned in Texas and are targeting the purchase of 1000 units within the next 12 months.”
Arbor Vista Apartments is located in the Lake Highlands district of north Dallas on Whitehurst Drive. Whitehurst is highly trafficked, with approximately 10,000 vehicles per day passing in front of the property. It is also 1/3 of a mile west of Skillman Street, one of north Dallas’ busiest thoroughfares, and ½ mile from the Lyndon B. Johnson/ 635 Freeway, inside this primary Ring Road around the city of Dallas – considered an irreplaceable location. A number of major shopping centers are found at the corner of Whitehurst and Skillman, with all major conveniences.
Polaris Real Estate Partners specializes in multifamily investment in the mid-western and central United States, with its principals collectively holding 40 years of direct real estate investment experience and approximately 1,500 units currently under ownership and management. The company and its principals have acquired multifamily properties, warehouses, manufacturing facilities and retail properties as well as improved and unimproved land. Polaris Real Estate Partners is currently seeking projects 100 to 350 units in size in the mid-western and central U.S.