Austin, Texas (PressExposure) July 09, 2007 -- The Austin-based PPA Group has acquired the 200-unit Villas on Lake Brazos from a Dallas seller for its portfolio. The $3.05-million acquisition of the class B complex is part of a plan to acquire $100 million in assets nationwide, with the focus on multifamily properties in Texas. Monte Lee-Wen, president of the investment group, says an additional $200,000 to $300,000 capital investment is planned for the 65%-leased Villas, situated on 15.5 acres at 1601 Spring St. "This has a bad reputation and wasn't managed very well," Lee-Wen acknowledges. "During the three-year hold, we're looking to turn it around and make it a better place to live." He adds that the 36-year-old complex also will undergo a name change. The Villas on Lake Brazos' one-, two- and three-bedroom units range from 600 sf to 952 sf. Units rent for $460 to $645 per month. Lee-Wen revealed that the complex has good bones, which was part of the attraction for his company and its investors. "Overall, this is a community that non-profits and other people are investing in to improve," he adds. "We'd like to be part of that." Villas on Lake Brazos is PPA's second closing in the past month. It also acquired the 332-unit Sunridge Apartments at 145 E. Pioneer Pkwy. in Grand Prairie, TX for $6.1 million. Like the Villas, it too will undergo renovation. The investment group plans to close on more assets in Eastland and Las Colinas, TX within 30 to 60 days. "The attractive thing for us in Texas is the job growth and overall economic growth of the state," Lee-Wen points out. "With the housing market slowing down, we're seeing this as a prime opportunity to buy multifamily apartments." Peter Hartnett, associate partner in Dallas for Phoenix-based Hendricks & Partners, represented the seller. Assisting was Chris Ross with Hendricks & Partners' San Antonio office. Devonshire Property Management in Dallas will manage the asset.
PPA Group Gets One More Deed for $100M Plan
The Partnered Property Acquisitions Group is an active professional real estate investment company that specializes in the acquisition of commercial and multi-family residential properties nationwide. We invest in a diversified range of quality commercial properties with a network of many private investors. The PPA Groupâs objective is to acquire quality properties that provide secure and sustainable returns for our investors. The PPA Group works to accommodate a wide range of investors looking for low to medium risk opportunities.
The PPA Group has holdings of over $40 million in commercial real estate with a projected target of over $100 million in commercial real estate acquisitions by the close of the forth quarter of 2007. Visit http://www.theppagroup.com
The PPA Group does business in all 50 states. Monte Lee-Wen may be contacted at (512) 651-0513.
Press Release Source: http://PressExposure.com/PR/The_PPA_Group.html
Press Release Submitted On: July 08, 2007 at 6:41 pm
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