This article originally appeared in Connect Media.
November 12, 2020
Buchanan Street Partners, based in Newport Beach, CA, acquired Waters Edge at Mansfield, a 351-unit multifamily community at 3651 Prairie Waters Dr. in Grand Prairie. In its first Texas deal in several years, Buchanan Street acquired the property for an undisclosed sum from Trinsic Residential Group.
Trinsic was represented by Drew Kile and Joey Tumminello of Institutional Property Advisors. Buchanan Street was self-represented in the transaction.
Formerly known as Aura 3Fifty-One, Waters Edge at Mansfield consists of 12 buildings situated on 13 acres. The property was built in 2019 and was 93% occupied at the time of sale.
Buchanan Street will implement modest operational changes to Waters Edge and position it as a stabilized core asset. The company plans to expand its footprint in the Dallas/Fort Worth region over the coming years, given the strong submarket fundamentals and overall economic growth of the region.