HLC Equity has purchased 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 the high-growth McKinney area of Dallas. The city is undergoing significant economic expansion due to growth in key industries. For the past decade, McKinney has maintained a consistent presence on the list of fastest-growing cities in the nation.
The Southgate Apartments community was completed in first quarter 2022, when HLC Equity secured the off-market opportunity from a relationship with the developer, who specializes in the local Dallas–Fort Worth market. Inheriting the lease-up component has allowed HLC Equity to generate a better yield, and the property is expected to stabilize at a 5 percent cap rate. The property offers residents exclusive, never-lived-in units plus a variety of distinguished amenities, ranging from an expansive resort-style pool and clu
