SAN FRANCISCO, CA (August 2025) — Polaris Real Estate Partners (PREP), principal investors and managers of multifamily properties in the Midwest and Central United States, have completed the sale of The Harrison, a 192-unit property in Dallas, TX. The Harrison’s net return to investors was 100.2% on their total equity investment, including quarterly distributions during the investment’s life, or a Return on Investment of 13% per year.
“The Harrison had significant operational challenges in 2023 and during the first half of 2024, necessitating a capital call to the property’s investors to provide the funds needed to support it to stabilization. We increased The Harrison’s Net Operating Income 72.5% between 2Q24 and 2Q25, resulting in a strong net return to investors despite the capital call, widespread post COVID inflationary impacts on our renters, a doubling of multifamily borrowing rates and general rental market softness in Dallas and South Dallas in particular,” noted Travis Pacoe.
Under PREP’s ownership, The Harrison benefited from capital improvements and operational efficiencies that supported long-term value creation. The successful disposition of The Harrison is aligned with PREP’s core strategy of acquiring and improving workforce housing assets in high-growth markets.
The Harrison is PREP’s 18th full cycle capital event – properties acquired, improved and sold – of the 33 assets that PREP has purchased since 2012. These sales provided investors an average net Internal Rate of Return (IRR) of 16.3%, a total net return of 121% or 25.1% annualized and an equity multiple of 2.23. The average hold period for the 18 sales was 56 months.
Polaris Real Estate Partners specializes in multifamily investments, with its principals bringing a combined 50 years of direct real estate investment experience. The firm currently owns and manages 4,309 units, having acquired a total of 7,228 units to build its portfolio. PREP is dedicated to enhancing the lives of its residents through social impact programs and community improvement initiatives. The company is actively seeking new projects ranging from 150 to 400 units in the Midwest and Southeastern U.S.
Contact:
Travis Pacoe (415-260-0480); Ron Abta (415-595-7661)
Polaris Real Estate Partners
415-826-5202 main
tpacoe@polaris-lp.com; rabta@polaris-lp.com