DALLAS, June 16, 2021 (GLOBE NEWSWIRE) -- RockFarmer Properties, a privately owned, fully integrated vertical development and investment firm based in New York City, is pleased to announce its purchase of two adjacent gated garden-style multifamily rental communities—98Fifty and Apex—in Dallas, Texas for an undisclosed price.
The off-market transaction marks RockFarmer Properties’ first foray into the Dallas-Fort Worth multifamily market—and the marks the first purchase made by RockFarmer’s recently launched “Opportunity Fund V.” The company plans additional acquisitions of value-add commercial and multifamily assets across the Sun Belt states in the near term—including the Dallas-Fort Worth, Austin and San Antonio, Texas markets. RockFarmer is expected to announce additional Texas-based acquisitions in the coming weeks.
“We are extremely bullish on value-add properties located in stable communities and districts experiencing continued growth. 98Fifty and Apex are two well-located rental communities with a lot of upside potential,” said John Petras, Principal of RockFarmer Properties. “We are looking to be an extremely active investor throughout 2021.”
RockFarmer Properties plans to add significant value to 98Fifty and Apex through timely unit renovations while enhancing the community wide amenities and common areas at each property.
“RockFarmer is excited to enter the Dallas-Fort Worth multifamily market with the acquisition of 98Fifty and Apex as our first purchases though our new Opportunity Fund V,” said George Michelis, Principal of RockFarmer Properties. “With more than 40 years of experience managing multifamily properties and communities, we look forward to implementing meaningful upgrades and enhancements to both properties while working closely with residents and staff to prioritize any immediate needs.”
Dallas-based NorthMarq represented the buyer and the seller in the off-market transaction. The firm also helped secure financing for the acquisition on RockFarmer’s behalf.
To date, RockFarmer Properties has successfully executed the development, acquisition, renovation, repositioning and sale of more than 70 transformative residential and commercial properties across New York and the Sun Belt states totaling more than $2B.
“The purchase of 98Fifty and Apex is an exciting opportunity that came together quickly over the past several months—and is exactly the type of investment RockFarmer is keen on making moving forward as we continue to see significant interest in the new fund,” said Brian Getzler, Vice President of Acquisitions at RockFarmer Properties.
For more information regarding RockFarmer Properties’ future acquisitions, or to express interest in the company’s future investment opportunities, please contact Brian Getzler, Vice President of Acquisitions at RockFarmer Properties, at 718.229.4488 x1900.
About Apex
Located at 9911 Whitehurst Dr. in Lake Highlands, Texas, Apex Apartments features 244 one- and two-bedroom homes (177,375 RSF) situated across 8.5 acres. Built in 1979, the property comprises 13 two- and three-story buildings, 294 parking spaces, a resort-style pool with outdoor kitchens and a sundeck, a playground, Cyber Café, resident’s lounge, laundry facility, BBQ and picnic area and a dog park. Residences, many of which have been recently upgraded, boast gourmet kitchens, wood-burning fireplaces and
About 98Fifty
Located at 9850 Whitehurst Dr. in in Lake Highlands, Texas, 98Fifty is a features 196 studio, one- and two-bedroom homes (1164,040 RSF) across 8.29 acres. Built in 1980, the property comprises 24 two-story buildings and 315 parking spaces. Amenities at 98Fifty include a resort-style pool with outdoor kitchens, a playground, Cyber Café, resident’s lounge, laundry facility, BBQ and picnic area, a soccer field and a dog park. Residences boast gourmet kitchens, wood-burning fireplaces and
To download and view high resolution images of 98Fifty and The Apex, Please click this link: https://www.dropbox.com/sh/6fbzg2lds0pejmp/AABPcv6jKW108mtpnr_A2yAHa?dl=0
RockFarmer Properties is a privately owned fully integrated vertical development and investment firm based in New York City. Founded by George Michelis and John Petras, the company has successfully executed the development, acquisition, renovation and repositioning of more than 40 transformative residential and commercial properties across New York’s most diverse neighborhoods. For more information, please visit rockfarmerproperties.com.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dedd8514-a9b9-4aa1-89c4-1102500a90ce