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Virginia REIT Spends $220M on Two N. Texas Properties
AvalonBay Communities (AVB) bought the 360-unit Avalon Frisco at Main in Frisco for $83.1 million and the 568-unit Avalon West Plano in Carrollton for $142 million. The sale averages out to about $242,000 a unit.
Multifamily Dive reports the two properties carry cap rates in the mid-4% range, have an average age of seven years and offer average rents of $1,700. AVB plans to do some light value-added upgrades in the apartment communities.
The acquisitions fit in with AVB’s strategy of buying properties with a much more affordable price point than its current portfolio, which gives the REIT a better growth profile. So far, in 2023, AVB has sold more than they’ve bought, selling $445 million in properties at a blended average cap rate in the high 4% range.
- ◦Sale/Acquisition
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