Thursday, February 24, 2011
FOR: Fifield Realty Partners
CONTACT: Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527
Emily Johnson, ejohnson@taylorjohnson.com, (312) 267-4522
FOR IMMEDIATE RELEASE:
Fifield Apartment Acquisition Fund Acquires Four Texas Properties
CHICAGO, Ill. – The Fifield Companies has announced the acquisition of four apartment properties in Texas totaling approximately 1,300 units. Steven Fifield, president of Chicago-based Fifield Realty Partners, made the announcement.
Three of the four properties were acquired by Fifield Realty Partners IV, LLC (FRP IV), an apartment acquisition fund, with two complexes located in the Dallas area and a third property in the Austin area. The fourth property is The Giovanna, a large apartment complex in Plano, Texas. FRP IV owns the Parkwood properties entirely while Fifield Companies owns The Giovanna in a venture with affiliates of AREA Property Partners. Fifield Companies will actively asset manage all 1,300 units.
“In previous years, we concentrated on acquiring or developing apartment units in the Southeast, Southwest and Chicago. But because this fund has a more national reach we wanted to make sure we had assets in Texas,” said Fifield. “The Texas market performed better than most during the downturn and is poised to see strong job and population growth in 2011 and beyond.
“As for the condition of the properties, we have an excellent foundation to build on,” said Fifield. “All four properties were built about 10 years ago and have a high level of on-site amenities that we can further leverage through upgrades and better management.”
A significant focus for the Fifield team will be to strengthen the sense of community at each property, said Fifield. This will include exterior upgrades to enhance curb appeal, such as new signage, as well as improved landscaping and parking lots. Common area improvements call for renovating clubhouses to include state-of-the art fitness equipment, multiple TV lounges and high-tech business centers. Unit interiors will also be upgraded with new light fixtures, appliances, plank floors and hotel-style shower rods.
Parkview Place, located in Georgetown, Texas, was the first Dallas/Austin-area property purchased by the fund. Built in 1998, the 176-unit community consists of 10 two- and three-story buildings and 327 parking stalls. The community is 94 percent occupied. Units include one-, two- and three-bedroom apartments with an average size of 892 square feet. On-site amenities include a single-story clubhouse with leasing office, resident activity center, business center and swimming pool.
Creekside at Northlake is another Dallas-area apartment community. Located in Roanoke, Texas, and built in 2001, this 228-unit apartment complex includes 12 two- and three-story buildings and 342 parking stalls. The average unit size is 868 square feet and apartments have one, two or three bedrooms. The community, which is 89 percent occupied, offers a clubhouse with leasing office, fitness center and a resort-style swimming pool.
McKamy Lake, located in Lewisville, Texas, is the third Dallas-area community. Built in 2003, it has 214 units. Units include one-, two- and three-bedroom apartments with an average size of 888 square feet. The complex is 94 percent occupied and offers a clubhouse with a leasing office, fitness center, business center, billiards room, multimedia room, a golf course, and a resort style swimming pool, as well as 321 parking stalls.
With 730 units, The Giovanna is the largest apartment community purchased. Located in Plano, Texas, The Giovanna has 36 three-story buildings on 35 acres of land, plus 1,462 parking stalls. With an average size of 901 square feet, units include one, two or three bedrooms. Developed in phases between 1996 and 1998, the community is 95 percent occupied.
According to Fifield, The Giovanna’s amenity package is more extensive than other area properties. On-site amenities include a clubhouse with a conference room, business center, social room and kitchen; large 24-hour fitness center, plus a volleyball court and putting green; coffee bar; dry sauna, steam room and four pools; and kids’ playground. Unit amenities are also of higher than standard caliber with features like 9-foot ceilings, full-sized washer/dryer connections, wood burning fireplaces (in select units), crown molding and island kitchens (in select units).
Launched in 2010, FRP IV is focused on purchasing both core-plus and value-add properties, as well as short-sale transactions and loan-to-own acquisitions. Currently, the apartment acquisition fund is looking at properties in Phoenix, Houston, Chicago, Texas, Los Angeles and Orange County, Calif. FRP IV is targeting 200-500 unit buildings and complexes in both urban and suburban settings with most of the fund’s acquisitions ranging from $20-$50 million.
Fifield Realty Partners is the property acquisition group of Fifield Companies, one of the nation’s premier developers of urban office towers and rental apartments. Established in 1977, Fifield Companies has earned a reputation for creating superb living and office environments in some of the country’s most renowned locations, including Chicago, Ft. Lauderdale, Los Angeles, San Francisco, Washington DC, Las Vegas and Honolulu. Fifield Companies has completed more than 50 projects in the United States worth more than $4 billion. For more information, visit www.fifieldco.com.
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Editors: For more information or to schedule an interview, contact Kim Manning at
(312) 267-4527 or kmanning@taylorjohnson.com.
Photo: Chicago-based Fifield Companies has acquired four apartment properties in Texas, including McKamy Lake, located in Lewisville, Texas (shown here).
© Fifield 2011