DALLAS, TX – HLC Equity, a national real estate investment holding group and property manager, announced the purchase of Toscana Apartments, a 192-unit, Class-B, multifamily community located in Carrollton, Texas, which is part of the greater Dallas MSA.
According to HLC Equity, Toscana is strategically positioned in an infill location within the Northern Dallas submarket with convenient access to Dallas North Tollway, and President George Bush Turnpike connecting to all major thoroughfares in Dallas metro. It is situated within the Plano Independent School District, one of the top school districts in Northern Dallas. Additionally, the surrounding area is well supported by several core employment hubs, retail and entertainment venues.
Dallas has become one of the most desirable cities in the USA from a quality of life perspective, and is continually ranked as a top investment market on the Urban Land Institute’s index due to a friendly business environment and the outstanding rental demand. Forbes recently ranked the Dallas economy as the most innovative in the country.
In line with HLC Equity’s strategy of purchasing community oriented properties, Toscana is richly amenitized with a resident business center, resort style swimming pool, hot tub, a recently upgraded 24-hour fitness center as well as 24-hour emergency maintenance. Additionally, HLC Equity was attracted to the studio and one bedroom layouts of the property, which facilitates to today’s transient renter. The property is currently 96% occupied.
“We found Toscana attractive due to its advantageous location that stands to benefit from organic market growth partially due to companies seeking a relocation to an area with a positive business climate, mixed with the quality of life that Northern Dallas has to offer for individuals and families” said Daniel N. Farber, Executive Vice President and Principal at HLC Equity. “We are excited about this investment, as it further increases our Dallas portfolio, and will allow us to continue carrying out our mission of building thriving community experiences for our community members and the public at large”
The property will be managed by HLC Equity’s management division, which intends to add value to the community and its residents by implementing a top tier renovation program. HLC also intends to improve property performance by implementing a strategic digital marketing campaign to potential residents and integrating complimentary innovative technologies and processes to enhance resident satisfaction.
HLC Equity utilized a $10.4M loan originated by Bellwether Enterprise and Maverick Commercial Properties under Fannie Mae’s Green Rewards program for the purchase. Under the terms of the program, aside from HLC Equity’s renovation plans, HLC Equity will be required to implement certain operational renovations to enhance water and energy efficiency at the property. David Molitor, Head of Operations at HLC Equity, noted that “The Fannie Mae Green Rewards program produces a triple bottom line effect, as it provides us with a financial benefit of better debt terms, provides the social benefit of greater tenant affordability and higher quality housing, and the environmental impact of reducing the property’s use of natural resources.”