A Virginia-based real estate investor has acquired a five-year-old apartment community near downtown McKinney, TX, with hopes to close on two additional North Texas deals by the end of the year.
Weinstein Properties purchased the 334-unit, Class A apartment complex at 5201 Collin McKinney Parkway, rebranded as Bexley Lake Forest, with a $40 million long-term loan secured with the help of Phillips Realty Capital through New York Life Insurance Co.
The deal marks Weinstein Properties’ third recently acquired apartment community in North Texas in the last six months. The family-owned and operated real estate investment firm now owns nine communities in the Lone Star state with more on the way, said Ivan Jecklin, the firm’s co-president and general counsel.
"We could buy two properties [in North Texas] by year’s end," Jecklin told CoStar News. "We are looking for new or newer suburban garden Class A apartment properties with about 300 units in close proximity to jobs, retail and good school districts."
The real estate investment firm acquired similar type apartment communities in Flower Mound, TX, and Grand Prairie, TX, in a $100 million portfolio deal from a San Antonio-based seller in December 2017.
Jecklin said Weinstein Properties has been targeting relatively new communities, so the investment firm won’t have to deal with renovations.
"We aren’t looking for value-add properties, but properties that are five years old or newer without any capital needs," he added. "We may make some minor tweaks, like change out the club furniture, but the property doesn’t require renovations."
Weinstein Properties expects to close on another apartment community in the region by mid-June. The company owns and manages more than 18,000 apartment homes in the United States.