CenterSquare announced the acquisition of Sorrel Phillips Creek Ranch, a 2015-vintage, 352-unit apartment community located in the affluent Frisco, Texas, submarket of Dallas. The low-density property features large units (more than 1,000-square-foot average), 60 percent two- and three-bedroom floor plans, and original interior finishes and common area amenities.
The investment is being made on behalf of CenterSquare’s latest value-added fund. This opportunity was sourced off-market through CenterSquare’s established network of relationships. The business plan consists of upgrading countertops and cabinets, adding laminate vinyl plank to upper floors, and installing a technology package and updating the fitness center and tenant lounge area.
“This transaction is the first investment in our latest value-added fund and speaks to our conviction in reset valuations in the residential sector, providing a great entry point for high-quality assets at a substantial disco
