Brazos Residential, LLC, a Dallas-based real estate private equity firm specializing in multifamily investments, announced the acquisition of The Thread Apartments located in Dallas, TX.
The 606-unit garden-style community consists of three different phases constructed between 1969 and 1978. It is situated on the border of Dallas city limits and Richardson, offering direct access to interstate US-75 and the Lyndon B. Johnson Freeway, commonly known as the Telecom Corridor. Furthermore, it is adjacent to the Texas Instruments headquarters.
“The Thread has several unique characteristics that make it an exciting opportunity for the partnership,” explains James Roberts, Managing Partner and Co-founder in a statement. “We were able to secure the asset off-market at a great basis through our local broker relationships. The Thread recently emerged from a Land Use Restrictive Agreement (LURA) which allows us to create immediate value by switching to fully market rates. We are equally excited to make a positive impact for the residents and community through property-level improvements.”
The community marks the firm’s sixteenth asset and the sixth in the Dallas/Fort Worth area since its inception in 2022.
“We possess an intimate knowledge of the Dallas/Fort Worth market and are thrilled to add this asset to our portfolio,” proclaims William Hancock, Managing Partner and Co-founder. “The proximity of The Thread to other Brazos Residential properties and our corporate headquarters presents strategic synergies, supporting the expansion of our portfolio in our own backyard.”
The sale was brokered by Taylor Snoddy, and the financing was arranged by Kevin Leamy, both from Northmarq’s Dallas office.
Founded in 2022, Brazos Residential owns, operates, and manages multifamily real estate assets for institutional and high-net-worth investors across the country. Brazos holds over 3,300 multifamily units across the American Sun Belt, predominantly in Texas and North Carolina.