Affiliates of Harbor Group International (HGI), a privately owned real estate investment and management firm, have acquired a Class A multifamily community in Aubrey, Texas.
Mezzo comprises 378 apartments in 12 three-story buildings and a clubhouse. Since opening in February 2022, it has experienced consistent move-ins during lease-up and was 84% occupied as of April.
Residents have access to state-of-the-art amenities, including a fitness center, a yoga studio, a resort-style pool and spa, coworking spaces, a resident lounge, and an outdoor kitchen and dining area. Unit interiors feature Whirlpool appliances, quartz countertops, European-style cabinetry, washers and dryers, and balconies or patios.
The community is located in the evolving North Dallas submarket, which has seen a 326% population increase since 2000, according to HGI. Advantageous for Mezzo is its close proximity to employment hubs, such as the PGA of America’s recently completed headquarters, and neighborhood dining and entertainment.
“The Mezzo acquisition is a testament to HGI’s suburban investment approach and ability to identify opportunities in fundamentally strong markets across varying market conditions,” said president Richard Litton. “The area has seen an influx of renters migrating from more expensive areas of Texas, and we expect Mezzo to see high occupancy rates in the coming years as the desirability of Aubrey continues to attract residents to the area.”
With the acquisition, HGI’s portfolio in the Dallas-Fort Worth metroplex includes 4,887 units across 14 properties. The firm ranks No. 16 on the National Multifamily Housing Council’s 2023 list of Top Apartment Owners, with over 58,500 apartments as of Jan. 1.
Newmark facilitated the transaction, with Henry Stimler, Bill Weber, and Matt Mense arranging debt and Brian Murphy and Brian O’Boyle brokering the sale.
