FCP® and VaultCap Partners (VaultCap) have followed their July 2021 acquisition of Corey Place Apartments with the purchase of the adjacent 100-unit Prairie Ridge Apartments. The venture plans to combine the properties under a new name, The Marabella on Pioneer, and will lease and operate the Marabella as one 375-unit community.
“Combining Corey Place with Prairie Ridge provides an opportunity for both scale efficiencies and stronger placemaking as we operate both properties under one flag,” said FCP’s Cole Kellogg. “FCP is excited to partner again with VaultCap on Prairie Ridge. We were able to move quickly, closing within 21 days of placing it under contract in an all-cash transaction.”
“The opportunity to invest a substantial amount of renovation capital into both communities will be a great benefit for both the residents and the neighborhood alike,” said VaultCap’s Ryan Heddleston.
Prairie Ridge Apartments are located at 313 Freetown Road in Grand Prairie and feature one, two and three-bedroom apartments with convenient access to 161, 360, I-20 and I-30 and an abundance of job centers, amenities and entertainment venues in nearby Fort Worth and Dallas.
FCP and VaultCap extend their appreciation to Wes Racht, Nick Fluellen, and Bard Hoover from Marcus & Millichap, who represented the seller in the transaction.
FCP® is a privately held real estate investment company that has invested in or financed more than $8.6 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit www.fcpdc.com.
VaultCap Partners is a private real estate investment company based in Dallas, TX. VaultCap invests in multifamily real estate across Texas through opportunistic, value-add, and core strategies. For further information on VaultCap, please visit www.vaultcap.com.