Grand Prairie, TX (November 9, 2020) – Buchanan Street Partners, a Newport Beach, California-based real estate investment management firm, has acquired a 351-unit multifamily community in Grand Prairie, Texas. Buchanan Street acquired the property from Trinsic Residential Group. Buchanan Street was self-represented, and the sellers were represented by Drew Kile and Joey Tumminello of Institutional Property Advisors.
Waters Edge at Mansfield, formerly known as Aura 3Fifty-One, consists of 12 buildings situated on 13 acres of land. Built in 2019, the property was 93% occupied at the time of sale. From its South Grand Prairie/Mansfield submarket location, Waters Edge is approximately 20 miles from major employment centers in Dallas/Fort Worth. Waters Edge is also within the award-winning Mansfield Independent school district, one of the highest rated school districts in Texas.
The purchase further defines Buchanan Street’s multifamily investment strategy which is focused on acquiring high-quality assets in markets with strong fundamentals. Specifically, the acquisition is Buchanan Street’s first in Texas in several years and diversifies its existing multifamily portfolio across the Western US. Buchanan Street plans to expand its footprint in the Dallas/Forth Worth region over the coming years given the strong submarket fundamentals and overall economic growth of the region.
Waters Edge features an extensive amenity package coupled with desirable exterior and interior finishes, combining both high-end suburban living with excellent proximity to recreation. Buchanan Street will implement modest operational changes to Waters Edge and position it as a stabilized core asset in order to benefit from the positive submarket fundamentals and long-term forecasted growth.
Buchanan Street Partners is a real estate investment firm based in Newport Beach, California that focuses on value-investing in both commercial and multifamily direct ownership and in making debt investments. The company is comprised of a highly skilled team that has invested through multiple real estate cycles enabling them to identify opportunities and maximize value while prioritizing capital preservation. www.buchananstreet.com