Unaltered 1983-Era Multifamily Community Picked Up Near Dallas

The Briarcrest Apartments, in the Dallas suburb of Carrollton, had not been renovated since its delivery to market. “The asset is a rare find, where 100% of its units interiors have been untouched by renovation, despite being consistently owned and managed by institutional-level entities,” said Ken McElroy with MC Companies, the buyer.

The Briarcrest has 238 units, all with two large bedrooms at an average size of close to 1,000 square feet. Besides updating all of the interiors of the units, the group will add a technology package for each room.

MC specializes in finding value-ad properties. They pride themselves on acquiring, renovating and managing properties in select growth markets. Their goal is maximizing asset value through strategic investment. The company is growing its portfolio in a hurry, currently totaling more than 7,400 units that are more than 96% leased.