News and Releases
August 17, 2011
Virtú Investments Acquires the Mission Ranch Apartment Community
*Dallas, TX*— Virtú Investments, LLC, a San Francisco based real estate investment management firm, purchased the 295-unit Mission Ranch Apartment Community located along Highway-80 in the east Dallas city of Mesquite, TX.
The acquisition of Mission Ranch gives Virtú an excellent opportunity to purchase a strong asset in the highly desirable Dallas submarket for a price per unit that is below replacement cost. One of the most compelling features of this investment is the local bias against the development of new multi-family projects. Mesquite has seen no new multifamily properties built since 2003 and there are currently no comparable multifamily sites available in the submarket. Mission Ranch was completed in 2000 and is located nine miles east of the Dallas central business district and is considered the best asset in the submarket, offering many high-end amenities and custom unit features within seven large, well-designed floor plans.
The property offers terrific curb appeal with its distinctive Hill Country-style architecture and landscaping. In addition to excellent drive-by exposure to traffic counts in excess of 100,000 vehicles a day, Mission Ranch is close to 3 million square feet of shopping and retail including Town East Mall, a 1.25 million-square foot regional center that was renovated in 2005.
Mission Ranch is located in a market that is experiencing rapid improvement. Average occupancy for comparable apartment product is currently 95% with rent rates firming dramatically. Virtú’s strategy will be to improve management through superior cost controls and more sophisticated unit pricing and some renovations. Renovations will include the selective addition of new faux wood floors, upgraded unit lighting, microwaves, and window treatments.