Dallas-based Brazos Residential, a real estate private equity firm specializing in multifamily investments, has expanded its hometown portfolio with the acquisition of The Thread Apartments, a 606-unit garden-style community.
The acquisition marks the Brazos Residential’s sixth asset in the Dallas-Fort Worth market since its inception in 2022. The firm’s portfolio includes 16 multifamily communities with over 3,300 units predominantly in North Carolina and Texas.
“We possess an intimate knowledge of the Dallas-Fort Worth market and are thrilled to add this asset to our portfolio,” said managing partner and co-founder William Hancock. “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 Thread, located on the border of Dallas and Richardson and adjacent to the Texas Instruments headquarters, was constructed in three phases between 1969 and 1978.
“The Thread has several unique characteristics that make it an exciting opportunity for the partnership,” said managing partner and co-founder James Roberts. “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, which allows us to create immediate value by switching to full market rates. We are equally excited to make a positive impact for residents and community through property-level improvements.”
Taylor Snoddy brokered the sale, and Kevin Leamy arranged the financing; both are from Northmarq’s Dallas office.