Harbert & Greystar Close on Multifamily Property in McKinney, Texas
Birmingham, AL, April 5, 2011 – Harbert United States Real Estate Fund IV, L.P. (“HUSREF IV”), a Birmingham-based real estate private equity fund, and Greystar Investment Group, LLC (“Greystar”) have acquired the Park on the Creek Apartments, a 240-unit multifamily community located in McKinney, TX, a submarket of Dallas, TX.
The joint venture purchased the multifamily community out of receivership for approximately $7.5 million and plans to spend an additional $2 million to reposition the property. The renovation program will address deferred maintenance and includes plans to significantly improve the amenities of the property including: a remodeled clubhouse, improved fitness center, and new community space surrounding the pool area. The renovation is expected to be completed by late summer.
Park on the Creek was built in 1998 and offers one, two and three-bedroom apartment homes. It will be managed by Greystar.
Travis Pritchett, Director of Investments of HUSREF IV’s general partner, commented, “Park on the Creek is exactly the type of asset our fund likes to buy. Park is a well located, quality asset that should benefit from an infusion of fresh capital and aggressive asset management to reposition the property.”
This is the ninth investment made by HUSREF IV, which actively seeks investment opportunities in multifamily, office, retail, and industrial asset classes throughout the United States.
HUSREF IV is the latest U.S. real estate fund sponsored by Harbert Management Corp (HMC), an independent investment firm focused on fundamentally-based private and public market strategies. HMC’s real estate funds identify real estate investment opportunities through their investment team’s network of long-term, strategic relationships, having owned, developed and managed multifamily, office, industrial, retail and hotel properties throughout the southeastern and southwestern United States. Their approach is hands-on, targeting properties that they believe are undervalued, and where value can be created through focused operational management. Additional information about HMC can be found at www.harbert.net.
Greystar Real Estate Partners is a fully integrated company offering expertise in multifamily management, development and investment throughout the United States. Headquartered in Charleston, S.C., Greystar manages over 175,000 units (640 properties) in over 100 markets with a team that is nearly 5,000 strong and growing. Greystar has invested approximately $3 billion in multifamily investments since its inception.
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