Lion Real Estate Group, LLC ("LREG"), a real estate investment and asset management firm focused on acquiring value-add and opportunistic multifamily properties, today announced it has acquired Trinity, a 496-unit multifamily property located at 1147 Esters Road in Irving, TX. Terms of the sale were not disclosed.
Trinity, formerly known as Trails of Towne Lake, was first built in 1984. Units range from 637 square feet to 1,152 square feet with a mix of one- and two-bedroom units and offer several amenities, including a resort-style pool and fitness center. The property recently completed exterior upgrades and is undergoing interior refurbishments as part of a $4.5 million renovation program to increase curb appeal and bring rents in line with market value.
"We are delighted to complete this deal and expand our presence in the Dallas-Fort Worth area," said Jeff Weller, Co-Founder and Managing Principal of LREG. "Having relocated LREG's headquarters to Dallas at the beginning of 2021, the purchase of Trinity reflects our ability to identify attractive multi-family developments in nearby upscale suburban areas, where we can add value and realize promising returns alongside investors."
The Trinity transaction marks LREG's first investment from its newest fund, LREG Multifamily Fund II, which recently raised $118 million from a mix of high-net-worth and institutional investors. Consistent with LREG's thematic focus, the fund targets multi-family housing properties in strong economic growth areas with convenient access to urban centers and major freeways. Trinity is 15 minutes from downtown Dallas and is situated near State Highways 161 and 183. LREG's first fund, Marble Partners Fund I, LLC, has been fully invested in 3,503 units across nine markets since 2020.
"As one of Texas' strongest submarkets, we are very pleased to add Irving to our portfolio of investments," added Mory Barak, Co-Founder and Managing Principal of LREG. "The area's solid growth fundamentals, location outside the urban core, and diverse, educated workforce were all compelling qualities as we explored this investment opportunity."
Dallas-Plano-Irving is one of the leading metro divisions for jobs recovery post-pandemic, accounting for nearly a third of Texas' total job gains over Q2 2021. Irving has more Fortune 1000 global headquarters per capita than any other city in the state, according to The Irving Economic Development Partnership, and was also recently named the second-most culturally diverse city in the U.S.
The deal follows LREG's April acquisition of Collier Ridge, a 300-unit multifamily property in West Buckhead, Atlanta, GA. LREG's estimated value of real estate and cash assets under management is approximately $1.1 billion as of August 31, 2021.
Newmark was the selling broker in the transaction and has also arraigned financing.