Argosy Real Estate Partners Exits Montana Apartments at Bowery Park
On October 19, 2022, a partnership controlled by Argosy Real Estate Partners exited its investment in Montana Apartments at Bowery Park, a Class A mixed-use property containing 161 luxury apartment units and 75,565 sf of commercial space located in Highland Village, TX, a high barrier-to-entry, affluent infill suburb of Dallas.
In April 2021, Argosy partnered with Boulder Peak Capital to acquire the property in an off-market transaction. The property was built in phases from 2010 to 2018. The business plan consisted of rebranding the community, completing a light renovation scope, installing professional management to lease up the property’s considerable vacancy, and establishing a condo regime to separate the multifamily and commercial components of the property to maximize exit pricing. Under Boulder Peak’s stewardship, the partnership increased commercial occupancy from 62% to 93% and increased multifamily occupancy from 79% to 99% while increasing rents by 33%. The commercial portion of the property was sold to a separate purchaser on June 30, 2022.
Boulder Peak Capital is a Dallas-based operator focused on acquiring underperforming multifamily and mixed-use communities in the Dallas area.