Dallas-based Brazos Residential, a real estate private investment firm specializing in multifamily investments, acquired two properties in Rocky Mount and Fayetteville, North Carolina, marking the firm’s 13th and 14th transactions of the calendar year.
Brazos Residential acquired Jefferies Cove Apartments in Rocky Mount, a 152-unit community built in 1987 with an average unit size of 1,066 square feet. The firm purchased the property from the original developer and was drawn to the opportunity due to its proximity to an existing portfolio property that “has performed exceptionally well,” according to Brazos Residential.
“Jefferies Cove is located a half a mile from our Rosewood community that we purchased earlier this year,” says James Roberts, managing partner and co-founder of Brazos Residential. “Rosewood is of similar vintage to Jefferies Cove and was also purchased from its original developer. Since we acquired it in April, the property has continually exceeded pro forma. We are confident that Jefferies Cove presents a comparable opportunity for our investors.
In Fayetteville, Brazos Residential purchased Briarwood Apartments, a 273-unit complex that was built in 1970. The acquired property is in close proximity to Cape Fear Medical Center, the ninth largest medical system in North Carolina, which employs over 7,000 people. The purchase represents Brazos Residential’s fourth acquisition in Fayetteville.
“Brazos now holds over 700 units in Fayetteville,” says Blake Shannon, chief investment officer for Brazos Residential. “By emulating the success of our other Fayetteville properties, we are excited to capitalize on Briarwood’s operational inefficiencies to reposition the asset and maximize returns to our investor partners.
Brazos Residential, founded in 2022, owns, operates, and manages multifamily assets for institutional and high-net-worth investors. The firm holds over 2,500 multifamily units across the Sun Belt region, primarily in Texas and North Carolina.
