Lion Real Estate Group announced that it has completed its acquisition of The Surround Apartments in Irving, Texas, from Nitya Capital. The transaction was made as part of LREG Multifamily Fund III, a $300 million discretionary private equity fund.
The acquisition adds more than 354 units to the firm’s existing Irving portfolio, bringing total unit count in the submarket to 1,336 and Lion’s total Dallas unit count to 1,986. The property will be rebranded as The Stella, with capital improvements and renovations scheduled to begin immediately.
“We believe the fundamentals of the multifamily real estate market are the best they’ve been in years,” said Jeff Weller, managing partner and co-founder at Lion. “We are pleased to be able to execute a seamless acquisition with Nitya and look forward to partnering with their team on future transactions.”
