SAN FRANCISCO, CA (July 2021) — Polaris Real Estate Partners (PREP), a principal investor and manager of multifamily properties, has purchased Forest Cove, a 624 unit stabilized multifamily property in Dallas, TX.
“There is clear potential at Forest Cove to continue to increase rental income and other income levels as has been proven by the current ownership. Over the past 3 years they had completely renovated 200 units with entirely new interiors. An additional 205 units have been upgraded, with appliance replacement, resurfaced countertops, new cabinet faces, lighting improvement, and flooring upgrades.” noted Travis Pacoe, general partner of Polaris Real Estate Partners. On approximately 20 acres, the property offers an extensive amenity package, including controlled access, two swimming pools, tennis and sports courts, a substantial community center and covered parking.
The area surrounding Forest Cove is undergoing significant public and private revitalization. Most of the properties in the immediate vicinity have sold recently or are in contract to be sold to owners who have plans to heavily upgrade those assets. The property is located near major employment drivers and retail centers, including Texas Instruments Corporate Headquarters, Texas Health Presbyterian Hospital, Town East Mall, North Park Mall and the Platinum Office Corridor, as well as the newly developed CityLine project. Forest Cove is also 2.5 miles from Dallas’ Telecom Corridor, home to 5,700 firms focused on tech, financial services and other industries employing 130K people. Forest Cove is adjacent to the 32MM sq. ft. Garland Industrial District, one of DFW’s largest and most successful industrial property submarkets and a major employment driver for the area, with 458 industrial properties within a 3-mile radius of Forest. There are over 110K jobs within 3 miles of the property.
Polaris Real Estate Partners specializes in multifamily investment in the mid-western and central United States. Its principals collectively hold 49 years of direct real estate investment experience and have acquired 6,250 units to build PREP’s current portfolio. Polaris is also deeply committed to enriching the lives of its residents through its social impact programs and community improvement efforts. Polaris Real Estate Partners is currently seeking individual properties or portfolios of 200 to 1,000 units in size in its targeted areas.