January 28, 2020
Dallas – Transwestern Investment Group (TIG®) and S2 Capital LLC today announce the sale of The Morgan, a 464-unit multifamily community. Denver-based PaulsCorp LLC (Pauls) acquired the property at 1611 Oak Creek Lane in Bedford, Texas.
“We acquired The Morgan as part of our workforce housing strategy, which identifies quality, Class B multifamily assets that are underperforming in comparison to their competition,” said Wes Davidson, Vice President at TIG. “After completing the renovation of community amenities and approximately half the units, we were able to increase rental rates at the property to a level that are competitive yet affordable based on the median income in the area.”
TIG and S2 renovated the clubhouse, leasing office, and fitness center. Additionally, ownership fully upgraded roughly 50% of the units with stainless steel appliances, quartz countertops, wood-style flooring and custom cabinetry. The balance of the units primarily consists of first-generation classic units that can be upgraded for additional upside.
Currently 91% leased, The Morgan is well-positioned to absorb the robust demand for workforce housing in the growing Dallas-Fort Worth metroplex. DFW continues to outperform other large markets in terms of job production and population growth, adding 130,000 new residents in 2019. Last year, North Texas added approximately 120,000 new jobs, sustaining a 3% growth rate and fueling strong investor demand for workforce housing. Multifamily deal volume in DFW totaled approximately $5 billion in 2019, according to Costar data, placing the metro eighth overall nationally in terms of multifamily deal volume in 2019.
ABOUT TRANSWESTERN INVESTMENT GROUP
Transwestern Investment Group (TIG®) is an investment adviser serving a broad range of clients through a diversified array of discretionary and non-discretionary investment vehicles. With $4.6 billion of assets under management as of year-end 2019, our client-focused, relationship-driven approach is built upon trust, integrity and transparency. TIG provides tactical investment management with an integrated operating platform through the Transwestern enterprise, which includes a diversified real estate services firm with 34 U.S. offices and a prominent commercial development company. For more information, visit transwesterninvest.com.
This document does not constitute an offer, solicitation or recommendation to sell or an offer to buy any securities, investment products or investment advisory services. Any offer or solicitation will be made only pursuant to a confidential private placement memorandum and subscription documents (the “Offering Materials”) and will be subject to the terms and conditions contained in such Offering Materials.
The clients included in this press release were not selected based on performance, but because they are some of the largest well-known clients with similar strategic alliances. It is not known whether these clients approve or disapprove of TIG or the services or products it provides.