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Follow on Google News | ZMR Capital Grows Dallas Apartment Portfolio with 240-Unit BuyBy: ZMR Capital Since entering the Dallas market in 2019, ZMR (formerly Berkshire Property Holdings) has increased its local multifamily holdings to approximately 1,100 units. In September 2020, the firm acquired a two-property, 568-unit portfolio in Richardson for $56.8 million. "One of our primary investment goals is to significantly increase the size of our portfolio in Dallas over the next 24 months, so we can take advantage of economies of scale to create value for our residents and investors," said ZMR CEO and Co-founder Zamir Kazi. Located at 9637 Forest Lane, Chimney Hill features a mix of one-, two- and three-bedroom floorplans housed in 11 two-story residential buildings. ZMR plans to improve upon the seller's in-place interior renovation program with the addition of new appliances including the installation of in-unit washer and dryer, tile backsplash, vinyl plank flooring, fixtures and new cabinet fronts. The firm will also make accretive improvements to the community exteriors and common areas which include swimming pool and lounge area, dog park, picnic and grill stations, cyber café and fitness studio. Given the well-documented strong in-migration to Dallas/Fort Worth, the rental market has remained relatively strong throughout the pandemic particularly in the northern suburbs where more than 20,000 apartment units have been delivered to keep up with demand. Of them, only 398 were in Richardson, according to a report by Marcus & Millichap. "With no new product planned for the next 12 months, the demand/supply imbalance in the Richardson submarket should continue for some time. This bodes well for continued occupancy growth where the five-year average is already at nearly 94%, said Kazi. ZMR leveraged the acquisition with three-year financing from a non-bank real estate lender which was arranged by Brian Eisendrath, vice chairman and managing director of CBRE Capital Markets About ZMR Capital ZMR Capital (http://www.zmrcapital.com) is a Tampa, FL-based real estate investment firm founded in 2013 by Zamir Kazi. Specializing in the acquisition and re-development of value add multifamily assets, the firm currently manages a portfolio of approximately 4,000 apartment homes in Florida, Georgia and Texas. Since its founding, ZMR Capital has established an excellent reputation for moving swiftly and decisively when identifying undervalued and under-performing assets in strategic locations. End
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