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The Dallas & Austin-based multifamily private equity firm, SPI Advisory acquires “Park Place Apartments,” an apartment community located in Hurst, TX.
The Dallas-based multifamily private equity firm, SPI Advisory announced the acquisition of “Park Place Apartments,” a 120 unit, Class B, multi-building apartment community.
Built in 1978, in the suburban heart of Dallas/Fort Worth, Park Place offers residents immediate access to Loop 820 and highways 121 and 183. Desirably located in the HEB independent school district, the property holds a specific appeal to families.
“We’re enthusiastic about our recent acquisition of Park Place. The prior ownership group owned the property for several decades and did an amazing job maintaining it,” said Michael Becker, Principal at SPI Advisory in a statement.
“We plan on investing significant capital into Park Place to upgrade its curb appeal, common area amenities, and interior unit quality in order to provide a superior living community for the residents of Hurst. SPI Advisory has owned and managed complementary apartment communities in immediate proximity to Park Place for many years, so we truly believe in the value that this location has to offer.”
Park Place is located on the northeast side of I-820 nearby other SPI-owned & managed properties. This transaction serves to amplify the private equity firm’s distinguished, growing presence in the Metroplex as their 43rd acquisition in DFW since 2013.