DALLAS, TX - Amid one of the most challenging market environments in years, multifamily investment firm Red Summit Partners has closed on Station 3700, a 321-unit apartment complex located in Euless, Texas.
The property was built in 2000 and is located within walking distance of the new American Airlines world headquarters campus. Red Summit plans to renovate the remaining "classic units" and add new amenity features to add value to the asset.
Ted Broadfoot, Managing Principal of Red Summit, expresses his enthusiasm about the deal. "We're assuming an existing fixed agency loan with seven years left at 3.02%, so this deal cash flows day one. With low leverage and no interest rate risk, it's the most exciting risk-adjusted return we've seen in 2022."
JR Bolos, co-founder of Red Summit, adds, "we're excited to get moving on the renovation. We're going to provide a better-quality home to the residents in this area, at a better value." Red Summit currently has over $200 million of acquisitions in its pipeline.
The company currently focuses on acquisitions in the major Texas Cities and will expand to other markets in 2023. Red Summit's equity partners include both institutional groups and family offices. Red Summit's principal team includes industry veterans, including KC Kronbach, co-founder of Knightvest Residential, JR Bolos, former President and co-founder of United Renovations, Ryan Akins, former Regional Director at Bascom Group, and Ted Broadfoot, former Executive Vice President with Pinnacle. The company targets acquisitions that have the potential for improvement in both renovations and improved institutional asset management.
Source: Red Summit Partners