Argosy Real Estate Partners Acquires The Village at Reatta Ridge in Justin, TX (Dallas-Fort Worth MSA)
We are pleased to announce that Argosy Real Estate Partners has acquired The Village at Reatta Ridge, a 2020-vintage Class A property containing 300 apartment units. The property is located in Justin, TX, an affluent and rapidly growing suburb of Dallas-Fort Worth located 30 minutes from downtown Fort Worth and 45 minutes from downtown Dallas.
The property was acquired off-market as part of a joint venture with Boulder Peak Capital, a Dallas-based operator focused on acquiring underperforming communities. Argosy and Boulder Peak Capital previously partnered on the acquisition of The District at Highland Village, a mixed-use property acquired in April 2021. Property management will be provided by City Gate Property Group, a multifamily operator that provides property management services for over 15,000 units within the Dallas metro area including The District at Highland Village.
The U.S. Census Bureau ranks the Dallas-Fort Worth MSA as the fourth largest in the United States. According to CoStar, 48,000 multifamily units have been absorbed within the Dallas-Fort Worth MSA over the past year, which is the highest in the country. Dallas is rated by real estate professionals in the 2021 ULI Emerging Trends in Real Estate survey as the fourth best market in the nation among 80 MSAs for overall real estate prospects, trailing only Raleigh/Durham, Austin and Nashville.