Berkshire Property Holdings Acquires Dallas Apartment Portfolio for $56.8 Million

By: Berkshire Property Holdings
 
 
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ORLANDO, Fla. - Sept. 10, 2020 - PRLog -- Berkshire Property Holdings has made its second and largest multifamily investment in the Dallas metroplex in the span of eight months with the acquisition of a two-property, 568-unit apartment portfolio in Richardson, TX for $56.8 million.    Berkshire Property Holdings, a privately held real estate investment firm, entered the market in December 2019 acquiring a 224-unit apartment complex in Arlington.

Berkshire Property Holdings acquired the portfolio from a local real estate investor, which had owned the assets since 2016.   The properties are two adjacent 1979 vintage garden-style communities located on the 9900 – 10000 block of Walnut Street in the Dallas suburb of Richardson.

The Parks at Walnut features 308 one- and two- bedroom homes situated in 25 two-story residential buildings on a 12-acre site.   The 260 apartment homes at Ninety Nine 44 on Walnut include a mix of one- and two-bedroom floorplans in 27 two-story residential buildings on a 10.4 acre site.  Both low-density gated communities include swimming pools, barbecue and picnic areas, playground and resident clubhouses.

With a portfolio that includes approximately 2500 multifamily units in Florida, Texas and Georgia, Berkshire plans to build scale in Texas where it now owns approximately 1,000 units located in Dallas and El Paso, according to company CEO and Co-Founder Zamir Kazi.

"Pre-pandemic, Texas was one of leaders in both job and population growth in the United States creating tremendous demand for quality and affordable housing," said Kazi.  "The diversity and strength of the state economy bodes well for recovery and we want to be here in a significant way when that happens."

According to the June 2020 Outlook for the Texas Economy published by the Real Estate Center  at Texas A&M University (https://www.recenter.tamu.edu/articles/technical-report/o...), the Real Estate Center's Texas weekly leading economic activity index indicated  "economic activity continues to improve and the state's economy is on the path to recovery."

About Berkshire Property Holdings

Berkshire Property Holdings (https://berkshirepropertyholdings.com) is an Orlando, FL-based real estate investment firm founded in 2013 by Hamza Kuraishi and Zamir Kazi. Specializing in the acquisition and re-development of value add multifamily assets, the firm currently manages a portfolio of approximately 2,500 apartment homes in Florida, Georgia and Texas.  Since its founding, Berkshire Property Holdings has established an excellent reputation for moving swiftly and decisively when identifying undervalued and under-performing assets in strategic locations.

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Tags:Berkshire Property Holdings
Industry:Real Estate
Location:Orlando - Florida - United States
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