SAN FRANCISCO, CA (November 2014) — Polaris Real Estate Partners (Polaris), a principal investor and manager of multifamily properties in the mid-western and central United States, has purchased an 80 unit apartment project in Ft. Worth, TX. The acquisition is the principals’ fifth during the last 12 months.
“We acquired Solaris Ranch for roughly 1/3 of replacement cost, an extraordinary value for a project constructed in 2009. The price included 5 acres of undeveloped land directly adjacent to the property. Further, with the proximity of Carter Industrial Park, there are over 20,000 jobs within three miles,” stated Ron Abta, General Partner of Polaris Real Estate Partners. “We obtained a new 10-year FNMA loan via AmeriSphere Multifamily Finance as servicer. This is our fourth acquisition in the Dallas/ Ft. Worth market.”
Veraison Village Apartments is located in south Fort Worth. The property is near numerous manufacturing, distribution and office properties. Within 1.5 miles of the property is the Carter Industrial Park. The world headquarters of Alcon Laboratories, occupying 2 million square feet with 2,500 employees, is within the Carter Industrial Park. Other tenants of the Carter Industrial Park and neighboring companies include a major MillerCoors bottling plant, Budweiser, Tyson Foods, Ben E. Keith Foods and Beers, Ball Metal Corp., Halliburton, Albertson’s, Home Depot and many more. 223 bed Texas Health Huguley Hospital, 3 miles to the south, broke ground in May 2014 for a $95MM expansion. This expansion will be directly adjacent to the existing 223 bed acute care facility and will provide an additional 228K square feet of hospital space.
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. With substantial, dedicated equity, 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.