SWMP, LLC – A Wren Investment Group LLC affiliate- Closes 90-Unit Apartment Community in Burkburnett, Texas

On May 4, 2014 by Phil Champagne

 

 

Pool-Toward-Apartments

Southwest Montana Properties, LLC Closes 90-Unit Apartment Community in Burkburnett, Texas

Wichita Falls, Texas., March 5, 2014 /Newswire/ — Southwest Montana Properties LLC has entered the vibrant Texas multifamily market with the acquisition of Burkburnett Residences, a 90 unit, class A luxury multifamily property built in 2007. The property boasts a full complement of luxury resident amenities including a resort style swimming pool, a clubhouse, fitness center, attached and detached garages, covered parking spaces, controlled gate access, on-site storage units, pet stations, and a clothing care center. The interiors feature numerous, spacious floor plans with an attractive mix of 1, 2, & 3 bedroom units with 8’ & 9’ ceilings, French doors to patio or balcony areas, fully equipped modern kitchens, full size washer and dryer connections, large pantries, built-in desks, walk-in closets, and air conditioning. Burkburnett Residences is ideally located with a prominent position on the Red River Expressway, a busy thoroughfare carrying much of the traffic between Burkburnett, Sheppard Air Force Base, and Wichita Falls.

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Southwest Montana Properties worked with Randy Aaron and Danny Cremeens with Fidelity Bank in Burkburnett to arrange debt financing for the purchase. Bart Wickard with ARA’s Dallas office represented the seller while Mark Miller at Braaksma & Miller represented Southwest Montana Properties. John Redden and his team at Devonshire Real Estate & Asset Management will lead the management operations at the property.

Chad Laird, Managing Director at Southwest Montana Properties, comments, “We’re delighted to enter the fast growing Texas market with such an attractive asset. We’ll begin immediately executing a capital improvement program specifically targeted to accentuate the luxury appeal of Burkburnett Residences, further setting it apart as the premier multifamily community in the area, maximizing its fundamentals, and thereby amplifying yield for our investor community.”

Brad Osen, Acquisition Manager at Southwest Montana Properties, speaks to the distinctive market position of this asset, “Burkburnett Residences’ leadership position among the top luxury communities in the market, its location near large employment centers, and its fantastic curb appeal combined with desirable floor plans and amenities will allow us to capitalize on the stability of the surrounding area as well as the profound growth opportunities in the Texas market.”

Mr. Laird continued, “This premier class A asset stands to additionally benefit from the flight to quality expected in our capital markets as the market recovery further matures.”

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About Southwest Montana Properties, LLC: Southwest Montana Properties, LLC (http://www.southwestmontanaproperties.com) specializes in multifamily real estate investment in emerging markets throughout the United States, sourcing stabilized, value-add apartment properties located in stable sub-markets which are poised for growth. These properties are aggressively repositioned to effect: 1) Revenue maximization through targeted capital improvement; 2) Cost containment through the implementation of institutional asset & property management. Southwest Montana Properties strategically targets exit from dramatically appreciated assets timed to coincide with an optimal position in the local market cycle. Hold windows average five to seven years.

About Wren Investment Group, LLC: Wren Investment Group LLC (http://WrenInvesment.com) is based in Raleigh NC and invest in multifamily real estate investment in favorable markets in the United States. Wren IG also provides input to its investors on various topics, including macro economic cycles. If you want to learn more, contact us (http://wreninvestment.com/contact-us/)

 

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