MCCos. buys value-added DFW community
MC Co. acquired Briarcrest, a 238-unit community in Carrollton, Texas. According to Yardi Matrix data, Corland was the previous owner of the asset, which was the subject of a $49.6 million loan taken out by Berkshire Group last month.
MCCos. intends to invest in improving the property, which has not been renovated since it was delivered in 1986. The capital improvement plan is expected to be completed in 2024.
Briarcrest features two-bedroom apartments, including 38 townhouses, averaging 961 square feet. Upgraded interiors will include upgraded countertops, cabinetry, flooring, fixtures and appliances, with washers and dryers in all units. Communal facilities include a swimming pool, fitness center, tennis court, playground and business center.
Located at 1330 Mac Arthur Drive, the property is approximately 20 miles from Dallas with access to Interstates 635 and 35E, the President George Bush Turnpike and the Sam Rayburn Tollway. Several golf courses can be found in the surrounding area. Retail and restaurants are also available along Old Denton Road and Trinity Mills Road. Dallas-Fort Worth International Airport is 13 miles away.
According to a recent report by Yardi Matrix, DFW investors traded a record $13.9 billion in multifamily assets in 2021, with deal activity also maintaining a healthy pace earlier this year.