SAN FRANCISCO, CA (September 2014) — Ron Abta and Travis Pacoe, principal investors and managers of multifamily properties in the mid-western and central United States, have purchased a 343 unit apartment project in Dallas, TX. The acquisition is their fourth during the last 12 months.
“Serendipity is a stabilized asset in a growth area of Dallas. There has been significant redevelopment in the submarket over the past 3-4 years and we expect more in the near- to mid-term,” stated Ron Abta, general partner of Polaris Real Estate Partners. ” We obtained a new 10-year FNMA loan via Arbor Financial as servicer. This is our third acquisition in Dallas and we continue to be excited about DFW’s prospects. We are looking forward to continuing investments in Texas as well as other states in the Southwest and Central U.S.”
Serendipity Apartments is located on the south end of Dallas’ Lake Highlands district on highly trafficked Park Lane, with over 15,000 cars passing by daily. Serendipity is near substantial shopping, including 470,000 Timber Creek Crossing and 600,000 sq. ft. Shops at Park Lane. Serendipity is also ½ mile from Harry Moss Park and White Rock Lake, with over 1,000 acres of popular outdoor activities.
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.