A Virginia company recently bought 10 apartment communities in the Dallas area with an eye toward upgrading them, and the owners of a vacant office building in downtown Dallas plan to transform their property into luxury apartments.
Harbor Group International LLC intends to spend $10m to renovate the 10 apartment communities it recently purchased. Included in the acquisition were two apartment properties in Houston.
Among the 3,100 units they bought from Canada-based England Group, are the 364-unit Carrington Park apartments in Plano, the 320-unit Sunset Oaks in Dallas, the 330-unit community of Abbey at Vista Ridge in Lewisville, and Carrollton’s 252-unit Tallows apartments.
Upgrades to the apartments are expected to cost $10m. A brochure printing service could prove useful when the time comes to rent out the apartments.
The acquisition by Harbor Group International LLC includes two apartment properties in Houston. The company is based in Norfolk, Virginia and already owns approximately 29,000 apartments and commercial properties, totalling around 7.4m square feet.
Meanwhile the owners of the 411 N. Akard building, which was built in 1965, have filled plans with the City of Dallas to make renovations. Among the proposed changes would be the conversion of the building’s upper six levels into 215 luxury apartments with retail and parking on the lower levels. Also included in the plans will be a rooftop swimming pool.
