RockFarmer Properties, a privately held, fully integrated vertical development and investment firm based in New York City, is pleased to announce the acquisition of The Residence at Lake Highlands, a 247-residence garden-style multifamily development located at 9857 Audelia Road in Dallas, Texas for an undisclosed price.
This transaction marks RockFarmer Properties’ third venture into the Dallas multifamily market – and marks the fifth acquisition made by RockFarmer’s recently launched “Opportunity Fund V.” Previously, in June 2021, the company purchased two adjacent gated garden-style multifamily rental communities in Dallas—98Fifty and Apex—boasting 196 and 244 units, respectively.
RockFarmer Properties plans additional acquisitions of value-add commercial and multi-family assets across the Dallas-Fort Worth, Austin and San Antonio, Texas, markets moving forward. In the last 6 months, RockFarmer has acquired or sold more than $250 million in assets nationwide.
“Dallas remains one of the healthiest metros in the U.S., attracting an affluent tenant base drawn by the City’s employment opportunities and endless entertainment and cultural offerings. The Lake Highlands submarket has directly benefited from this significant demand as residents continue to seek out well-managed multifamily communities offering convenience, great finishes and a comprehensive amenities package,” said Brian Getzler, Executive Vice President and Head of Acquisitions at RockFarmer Properties.
Taylor Snoddy of NorthMarq represented the buyer, RockFarmer Properties, and the seller, Nitya Capital, in the transaction. William Hancock of NorthMarq arranged the debt financing on behalf of RockFarmer Properties.
“The Residence at Lake Highlands is a well-located asset with a lot of upside potential, we see it as an excellent investment moving forward,” said John Petras, Principal of RockFarmer Properties. “We hope to continue the expansion of RockFarmer’s platform in Texas and across the Sun Belt states deploying capital from our newest opportunity fund; it’s an exciting time.”
RockFarmer Properties plans to add significant value to The Residence at Lake Highlands through timely unit renovations and enhancements to the community wide amenities and common areas of the property. 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.
“We are thrilled to have acquired yet another significant, high-quality multifamily community in the Dallas-Fort Worth area,” said George Michelis, Principal of RockFarmer Properties. “RockFarmer Properties remains bullish on value-add multifamily developments located in major Texas metropolitan communities.”
