Newport Beach, CA / Rowlett, TX (July 22, 2021) – Buchanan Street Partners, a Newport Beach, California-based real estate investment management firm, has acquired Village of Rowlett, a 249-unit multifamily community, located in Rowlett, Texas, from Catalyst Urban Development.
Built in 2018, Village of Rowlett features 16,588 square feet of retail space, 41 studio, 131 one-bedroom, and 50 two-bedroom units, with 27 two-bedroom townhomes. The property was 96 percent occupied at the time of sale. Village of Rowlett is located in the center of downtown Rowlett, a fastest-growing Dallas Fort Worth (DFW) suburb, and just 20 miles northeast of Dallas’ urban core and 15 miles southeast of Plano.
The property features extensive amenities and high-end unit finishes, including a resort-style swimming oasis and sun deck, camp-style fire pit, urban community garden and yoga/fitness center. In 2017, the North Texas District Council of Urban Land Institute awarded Village of Rowlett their prestigious ULI development award which recognizes impactful developments in the DFW region.
The city of Rowlett is positioned on President George Bush Turnpike, just west of Lake Ray Hubbard. The city is making great strides to further improve the quality of life for its residents and is currently undergoing numerous projects and developments.
“Our investment in Village of Rowlett provides the opportunity for Buchanan Street Partners to expand our Texas multifamily portfolio with a recently built transit-oriented apartment community featuring outstanding amenities in close proximity to major Dallas employment centers,” said Kevin Hampton, executive vice president of Buchanan Street Partners.
The acquisition further defines Buchanan Street’s multifamily investment strategy which is focused on acquiring high-quality assets in markets with strong fundamentals. Village of Rowlett is Buchanan’s most recent acquisition in the State of Texas, following Waters Edge, a 351-unit multifamily community, in Grand Prairie that Buchanan Street acquired in October 2020. Buchanan will expand its footprint in the DFW region over the coming years given the strong submarket fundamentals and overall economic growth of the region.
ABOUT BUCHANAN STREET PARTNERS
Buchanan Street Partners is a real estate investment firm based in Newport Beach, California that invests debt and equity capital on behalf of institutional and private investors. Since its inception, Buchanan Street has invested more than $7 billion in real estate debt and equity investments. The company is comprised of a highly skilled team that has invested through multiple real estate cycles, enabling them to maximize value while prioritizing capital preservation. www.buchananstreet.com.