News

Harbert United States Real Estate Fund VI, L.P. (“HUSREF VI”), in conjunction with McDowell Properties (“McDowell”), acquired Alcove (the “Property”), a 270-unit Class B multifamily complex located on NE Green Oaks Boulevard in Arlington, Texas.

Built in 1980, the Property was 97% occupied at closing. HUSREF VI and McDowell intend to implement a renovation program that will address unit interiors and amenity improvements.

The business plan is to increase post renovation rents while positioning the asset as the preferred Class B+ value rent provider. HUSREF VI targeted the asset as an attractive acquisition opportunity given the transaction was off-market, the ability to work with a proven operating partner, the prevalence of strong submarket fundamentals, and the opportunity to execute an interior and exterior renovation program designed to increase rental revenue.

Alcove is located in the Mid-Cities of the DFW metro, 14 miles east of downtown Fort Worth and 20 miles west of downtown Dallas. Situated at the north end of Arlington, Alcove benefits from its central location in the metro, offering convenient housing to both the Fort Worth and Dallas work forces. Alcove is proximate to numerous employers including General Motors’ assembly plant, DR Horton, AT&T Stadium, Texas Rangers Globe Life Ballpark, and The University of Texas at Arlington. The transaction closed on July 20, 2017.