CREC Real Estate, LLC (“CREC”) and BKE Capital LLC (“BKE”) today announced they have jointly acquired Prairie Court Apartments (“Prairie Court”), 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 to make property improvements similar in scale to improvements at neighboring properties. 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.
The 5.3-acre property, built in 1967 and located at 531 S. Belt Line Road, sits in the Grand Prairie submarket, which boasted a 97.7% average occupancy rate at the end of 2021, according to real estate software provider RealPage. Grand Prairie has benefited from the broader demographic strength of the Dallas-Fort Worth metroplex, which experienced the largest population growth of all metropolitan statistical areas in the U.S. between 2010 and 2020, according to the U.S. Census Bureau. That expansion is driven in part by job growth. The area has been attracting major large employers, including Lockheed Martin, General Motors, Home Depot, and Charles Schwab.
“We are excited to collaborate with our partners at BKE to turn Prairie Court into a preferred community in Grand Prairie,” said Aaron Dixon, President of CREC. “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.”
CREC Real Estate, LLC (CREC) is a private equity real estate investment firm. Based in Columbus, Ohio, the firm sponsors real estate investments through its private fund and private placement offerings and has more than $1 billion of real estate assets under management. Employing a value-add strategy, the firm specializes in multifamily investment in secondary cities throughout the United States. Since CREC’s inception in 2001, it has closed on 57 investments across 19 states.
BKE is a vertically integrated multifamily company headquartered in Plano, Texas. Allied Property Management, the property management company that is affiliated with BKE, was founded in 2011 and has managed in excess of 5,000 units, the vast majority of which are located within the Dallas-Fort Worth metroplex.