Odyssey Properties Group has expanded its Texas multifamily portfolio with the acquisition of three communities in the Dallas-Fort Worth metro. The properties, comprised of 578 units, include Huntington Meadows and The Dalton in Arlington and The Belmont in Grand Prairie.
“Our team saw the opportunity to expand our footprint in Texas, where we already owned nine multifamily properties in key markets,” said president and principal Derek Graham. “The Dallas region is especially compelling due to its strong job growth, fast-growing economy, and low cost of doing business as compared to other metros—a continued benefit for investors in the area.”
According to Graham, the Los Angeles-based multifamily investment sponsor and private equity real estate firm targets markets like Dallas-Fort Worth that have robust population and employment growth. It also is at the top of target markets for institutional and retail investors, which supports Odyssey’s acquisition activity in the area.
“With PwC identifying Dallas-Fort Worth as the fourth best market for overall real estate prospects and the region leading all metros for multifamily investment in 2021, we are confident in our decision to acquire three of the most desirable apartment communities in the area,” said director of acquisitions Daniel Diaz. “Leveraging our deep experience and local relationships, we plan to implement strategic upgrades to unrenovated units at each community, in order to unlock value and deliver in-demand apartment homes to the market.”
The adjacent 250-unit Huntington Meadows and 68-unit The Dalton include 30 buildings located near major highways, grocery and retail, and outdoor activities. The two communities feature one- and two-bedroom floor plans, with each unit offering a private patio or balcony as well as washer and dryer connections. Amenities include three swimming pools, a fitness center, barbecue grills, a tennis court, a pet park, and a business center.
According to Odyssey, it plans to implement an improvement strategy for the properties, which were built in 1984, to maximize the rental income potential. Sixty-five percent of the units will undergo renovations, which will include stainless steel appliances, luxury vinyl plank flooring, quartz countertops, subway tile backsplashes, washers and dryers, smart home technology packages, and new plumbing and lighting fixtures. In addition, the communities will be rebranded with new signage, the fitness center will be expanded, and the landscaping and existing exterior amenities will be updated.
The Belmont, a 260-unit community built in 1983, features one- and two-bedroom floor plans, a resort-style pool with a sundeck, a fitness center, a clubhouse, outdoor kitchens with grills, a sports court, a dog park, and picnic and green spaces.
Odyssey also has plans to make high-end luxury upgrades to 60% of the units at The Belmont. These upgrades include stainless steel appliances, quartz countertops, undermount sinks with gooseneck faucets, subway tile backsplashes, luxury vinyl plank flooring, washers and dryers, and new baseboards and lighting fixtures.
