Reporter - Dayton Business Journal
The Connor Group on Tuesday purchased a Texas apartment community, continuing an expansion effort in the state.
Centerville-based The Connor Group purchased Arboretum Estates in Richardson, Texas, a 338-unit property, from Arboretum Estates LTD, a Texas limited partnership.
Arboretum Estates, which was built in 1999, is on a 14-acre property in the suburbs north of Dallas and is the company’s eighth apartment community in the Dallas area.
Terms of the deal were not disclosed.
“Arboretum is a super high-quality asset in a good location,” said Connor Group managing partner Larry Connor in a news release. “We think there is a lot of opportunity to improve the operation there and improve the bottom line. We really like the Dallas-Fort Worth market and we like its long-term prospects.”
The deal marked the company’s second acquisition in the market in 2011. In the past two years, the company has sold three properties in the area, deals which were three of the largest sales in the company’s history.
“We like Texas overall,” he said. “In fact, we’ve started to look at Austin and expect to make our first acquisition there in the next 12 months.”
The Connor Group owns and operates 16,500 units at apartment communities in Atlanta, Charlotte, Cincinnati, Columbus, Dallas, Dayton and Raleigh-Durham. The company, founded in 1991 with three property acquisitions in Dayton, now has more than $1.3 billion in assets.
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