McCann Realty Partners LLC has teamed with Carlyle Group to acquire Marquis on Cedar Springs in Dallas, TX. The acquisition was a value-add play, and the 165-unit property at 3604 Cedar Springs Rd. will be rebranded as Radius Turtle Creek. Additionally, the new owners will invest significant capital to upgrade interior finishes, amenities, and clubhouse and leasing areas. Pegasus Residential will manage the property.
Marquis on Cedar Springs was built in 2001, and had been owned since 2007 by CWS Capital Partners, headquartered in Newport Beach, CA. A sales price was not disclosed, but the Dallas Central Appraisal District valued the asset at $25 million.
“Radius Turtle Creek fits our core plus strategy with near-term opportunities to significantly improve the overall positioning of the property with a post-renovation cost basis below replacement cost,” said Matt Akin, president of McCann. “We are pleased to work with Carlyle on this transaction, and look forward to building a long-term relationship with them.”
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