Related Companies is going big in Texas — this time with a multifamily acquisition in North Texas.
The New York-based real estate giant just closed on a 520-unit rental community in Carrollton, one of the major submarkets north of Dallas. Neither the price nor the terms of the transaction were disclosed, according to the Dallas Morning News.
The Arium Creekside apartments were built in 1999 on Huffines Boulevard right off State Highway 121. The seller, Atlanta-based Carroll Organization LLC, bought Arium Creekside as part of a three property acquisition in 2017. The apartment was the final asset to sell from the portfolio.
This is not Stephen Ross’ first rodeo in the lone star state. The firm bought the 13-story International Plaza I office tower in Farmers Branch last year, and last week it announced plans to construct two office buildings in Austin. Related has more than $60 billion in assets.
Most recently, Related scooped a six-acre South Congress Avenue parcel that was subject to a bankruptcy auction. The company is poised to close on the property for $65 million after Nate Paul-affiliated Rising Tide Investments declined to finalize its bid of $95.1 million.
— Maddy Sperling