PRINCETON, TX – HLC Equity, a national real estate investment and property management firm, announced the purchase of Southgate Apartments, a 156-unit new construction community located in Princeton, Texas.
Southgate Apartments, the latest Class A acquisition for HLC Equity, is located adjacent to Dallas’ high-growth McKinney neighborhood. The city is experiencing significant economic expansion due to the growth of key industries. Over the past decade, McKinney has maintained a consistent presence on the list of the nation’s fastest growing cities.
The Southgate Apartments community was completed in the first quarter of 2022 when HLC Equity secured the off-market opportunity of a relationship with local market specialist developer DFW. The legacy of the rental component has allowed HLC Equity to generate a better return and should stabilize at a capitalization rate of 5%. The property offers residents exclusive never-inhabited units as well as a variety of distinguished amenities. From an expansive swimming pool and resort-style clubhouse to a state-of-the-art fitness center and dog park, Southgate offers residents an elevated experience, whatever their style or preference.
“We are excited to add Southgate to our expanding Dallas portfolio. This off-market opportunity was secured through our relationships with an experienced local developer. This community perfectly meets our goal of acquiring high-quality assets in markets growing with strong outperformance potential.” commented Daniel Farber, CEO of HLC Equity.
Southgate Apartments will be managed by HLC Equity’s in-house property management team and will implement many of the features developed by its Layers brand. Layers strives to increase property value and resident experience by offering select unit upgrade options, integrating the company’s innovative technology, and offering onsite/offsite services to take advantage of more to residents and the community as a whole.
Source: HLC Equity