Advenir Acquires M-F Complex in Dallas-Fort Worth Submarket

By Keith Loria, Contributing Editor

Advenir, a multi-family real estate investment and management service provider, has acquired Dolce Living at Mansfield, a 334-unit Class A apartment community located in the upscale Dallas-Fort Worth submarket of Mansfield, Texas.

The property was purchased from the original developer who completed the two-phased community in 2012. Upon purchase, it was rebranded Advenir@Mansfield.

“Dolce Living at Mansfield presented Advenir with the opportunity to acquire a newly built luxury apartment community at a favorable basis,” Todd Linden, Advenir’s chief acquisition officer, told Commercial Property Executive. “We have identified opportunities in both management execution and minor property improvements to capture greater rental premiums.”

Advenir@Mansfield boasts one-, two- and three-bedroom luxury units ranging from 750 square feet to 1,400 square feet and includes custom cabinetry, stainless steel appliances and island-style kitchens with granite countertops.

It’s conveniently located directly along State Highway 360 and centrally within Mansfield. According to Linden, Mansfield is one of the fastest growing suburbs in the Dallas-Fort Worth metroplex, having grown 137 percent since 2000.  In 2012, Money Magazine ranked Mansfield as a top place to live in America due to its growing employment, location to Dallas-Fort Worth and affordable housing.

According to a recent report by Marcus & Millichap, Metrowide employment increased an estimated 3.1 percent, or by 92,100 jobs, during the 12-month period ending in June.

“Positive market fundamentals, supply constraints, and favorable financing provide our investors with a sound investment vehicle that has strong in-place cash returns with minimal downside risk,” Linden added. “Advenir seeks to purchase Class A and Class B apartment communities that are well located, and provide income upside through the execution of more effective management and property improvements.”

Advenir plans minor capital improvements that will increase rental upside and its management team will provide white-glove service to more effectively cater to the affluent renter base. The company will upgrade to wood flooring throughout the living space in specific unit types and add fenced backyards to further appeal to residents with pets.

Advenir represented itself in the property acquisition and financing was secured by Braden Harmon of Berkeley Point Capital. The Institutional Property Advisors Texas team led by Will Balthrope and Drew Kile represented the seller.