Berkshire Group Expands Dallas Presence with Acquisition of Aura Medical District
Company Affiliate Purchases Newly Constructed 325-Unit Class-A Development and Rebrands Community as Berkshire Medical District
BOSTON, MA — DECEMBER 23, 2014 — Berkshire Group, a real estate investment management company known for its vertically-integrated operating platform and experience in the multifamily sector, today announced that an affiliate of the Company has acquired Aura Medical District, a 325-unit Class-A apartment community, completed in 2014, and located in the Medical District of Dallas, Texas. Following the completion of the transaction, the Company also announced the rebranding of the property as Berkshire Medical District.
Specific financial terms of the transaction were not disclosed. The property was acquired from Trinsic Residential Group.
“Consistent with our investment strategy, we view Dallas as having favorable expected growth prospects, strong underlying fundamentals, and proximity to major centers of employment,” said David Olney, Managing Director and Head of Multifamily Investments for Berkshire Group. “We believe the submarket around Berkshire Medical District is undergoing revitalization. Employment growth is expected from anticipated expansions at the area’s major medical centers and increased air traffic flying in to Love Field, and we are seeing new retail moving in. We believe these factors make Berkshire Medical District compelling for residents who desire downtown urban living in a modern apartment community close to professional opportunities and entertainment options.”
Berkshire Medical District is situated northwest of Downtown Dallas along the Maple Avenue Corridor, close to major transportation arteries including Dallas North Tollway, and Interstate 35. The property has close proximity to public transportation, being three blocks from a Dallas Area Rapid Transit station, providing access to downtown Dallas.
The property is a garden-style community consisting of ten 3-story, and two 2-story residential buildings with a variety of apartment configurations. Berkshire Medical Center offers residents access to Class-A community amenities including a clubhouse with conference centers, exercise room, business center, pool area, and dog park.
Berkshire Communities, the property management division of Berkshire Group, will manage the apartment community.
About Berkshire Group
Berkshire Group is a real estate investment management company known for its vertically integrated operating platform and experience in the multifamily sector. Berkshire deploys capital primarily through equity, debt and development in the multifamily arena, as well as through opportunistic ventures in other real estate sectors such as senior housing, lodging, and medical offices. Over more than four decades, Berkshire’s team of industry leaders has gained a reputation for being able to identify opportunities and effectively manage through various economic environments, establishing a long-term track record of solid performance based on thoughtful, leading edge strategies, and operational experience. The Company has experience across the multifamily real estate spectrum in disciplines including acquisitions, asset and property management, debt, development and redevelopment. Berkshire, a registered investment advisor, is headquartered in Boston and has offices in Atlanta, New York, Baltimore, Dallas, Houston and San Francisco. As of September 30, 2014, Berkshire Group had $5.7 billion in assets under management. For more information on Berkshire, please visit www.berkshire-group.com.
About Trinsic Residential Group
Trinsic Residential Group, LLC (www.trinsicresidential.com) is a privately owned firm focused on the development and acquisition of multifamily real estate in the Southwest, South Florida and Pacific Northwest regions. Trinsic develops investment-grade communities and acquires existing Class A and Class B properties that provide opportunities to add value. Since its inception in 2011, Trinsic has developed or currently has under construction more than 5,000 units totaling a capitalization of over $750 million.
For more information, please contact Sheri Thomas, director of asset management, 832-371-6295 or firstname.lastname@example.org.