Argosy Real Estate Partners Acquires District at Highland Village
We are pleased to announce that Argosy Real Estate Partners has acquired The District at Highland Village, a Class A mixed-use property containing 161 luxury apartment units and 75,565 sf of commercial space located within Highland Village, TX, a high barrier to entry, affluent infill suburb of Dallas. The property was built in phases from 2010 through 2018 by the seller, a local development and construction company which has self-managed the property since completion.
The business plan consists of rebranding the community, completing a light renovation scope, leasing up the property’s considerable vacancy, and separating the multifamily and commercial components to maximize exit pricing. The investment presents the opportunity to acquire what we believe to be a trophy quality property at a discount to replacement cost within a desirable submarket in the growing Dallas-Fort Worth metro area.
The property was acquired as part of a joint venture with Boulder Peak Capital, a Dallas-based operator focused on acquiring underperforming communities that sourced the opportunity off-market. City Gate Property Group, a multifamily owner and operator which manages over 15,000 units within the Dallas metro area, has been engaged to take over property management.