CREC Real Estate and BKE Capital have jointly acquired Prairie Court Apartments, a 123-unit, class C+ multifamily community located in the Dallas–Fort Worth suburb of Grand Prairie, Texas. Terms of the transaction were not disclosed.
The new owners expect to embark on a value-add renovation to make property improvements similar in scale to improvements at neighboring properties. Those improvements include amenity upgrades, common-area beautification and unit-interior remodels. CREC and BKE will also design a website for the property and increase exposure across various online marketing platforms.
The 5.3-acre property, built in 1967 and located at 531 S. Belt Line Road, sits in the Grand Prairie submarket, which boasted a 97.7 percent average occupancy rate at the end of 2021, according to real estate software provider RealPage. Grand Prairie has benefited from the broader demographic strength of the Dallas–Fort Worth metroplex, which experienced the largest popula
