CREC Real Estate Joins BKE in Acquisition of Apartments in Prairie Court, TX
CREC Real Estate, LLC and BKE Capital LLC have jointly acquired Prairie Court Apartments, a 123-unit, Class C+ multifamily community located in the Dallas-Fort Worth suburb of Grand Prairie, Texas. Terms of the transaction were not disclosed.
With more than $1 billion of real estate assets under management, CREC specializes in multifamily real estate investments in secondary cities throughout the United States.
The new owners expect to embark on a value-add renovation of the 45-year-old property to make property improvements. Those improvements include amenity upgrades, common-area beautification and unit-interior remodels. CREC and BKE will also design a website for the property and increase exposure across various online marketing platforms.
“Multifamily is expected to continue to be a great housing option for renters in the Dallas-Fort Worth area, and we see an important value-add opportunity in renovating the Prairie Court property to meet the needs of today’s renter,” said Aaron Dixon, president of CREC.
- ◦Sale/Acquisition
