January 15, 2016
CRA CLOSES DISPOSITION OF ST. LAURENT APARTMENTS
Continental Realty Advisors (CRA), a Denver based owner of multi-family housing communities nationwide, announced the sale of St. Laurent Apartments – a 372-unit Class A asset located in Grand Prairie, Texas. CRA purchased the property in 2012 in a joint venture with Phoenix Capital out of Dallas and HQ Capital out of New York and successfully implemented a strategic value-add program.
“We very much enjoyed our ownership period at St. Laurent. In just a few years we were able to greatly improve the community through common area, exterior, and unit interior upgrade programs which were well received by residents. We accomplished our goal of positioning the property to take advantage of an exceptional submarket with strong growth potential,” said David Snyder, the Chairman of CRA. “CRA is extremely proud of the success of this project which returned outstanding investment results for our investors. This was yet another textbook example of CRA’s disciplined investment philosophy at work where we were able to identify a dislocation of value, implement tangible management and asset management strategies, improve the property, and grow NOI by 20% in 3 ½ years, while improving the community and delivering a quality experience for residents and investors. ”
CRA is an active investor nationwide with specific fund focus in the southeastern, midwest, and southwest U.S. markets. “We feel that the DFW market remains attractive for multifamily investment and we are actively looking for acquisitions in the area,” said Robert Ireland, Director of Acquisitions for CRA.
The disposition of St. Laurent comes on the heels of CRA’s November 2015 acquisition of a 400 unit, Class A property in Las Vegas and the December 2015 disposition of Bonita Fountains in Orlando. Turtle Creek, a light value-add opportunity, is located on the Boulder Highway, adjacent to the Union Village medical development. This 155 acre health care campus is currently in the initial construction stage and is expected to eventually account for 17,000 direct and indirect jobs upon build-out.
ABOUT CRA: Continental Realty Advisors (“CRA”), an owner, asset manager, and institutional fund sponsor, was founded in 1981 and has solely focused on investment in the multi-family segment of real estate. The company is an institutional fund investor and expects to acquire over $1 billion in assets over the next few years. CRA is currently acquiring multi-family assets on a nationwide basis. For more information on the company’s market focus and acquisition criteria, please visit our website at www.continentalrealtyadvisors.com.