Atlas Real Estate Partners has acquire Bella Vida at Ridgeview Country Club Apartments located in Plano, Texas in an off-market transaction. The acquisition is Atlas’s largest acquisition to date and was done in a joint venture with Blue Whale Enterprises.
The Class A, 548-unit apartment complex is 96% occupied. Community amenities include six swimming pools, a health spa, fitness center, movie theater, espresso bar, business center, lighted tennis courts, game room, basketball courts, playgrounds, putting green, extensive concierge service and more.
The-Plano market has been one of the top performing apartment markets in the country and continues to see strong population and employment growth. Atlas plans to implement a value-add program that will target unit upgrades and amenity enhancements throughout the community. Atlas will also launch a community-building program known as Urban Village aimed at creating a more vibrant community with increased interaction amongst residents.
The acquisition was financed by New York Life Insurance Company.
Atlas Real Estate Partners is based in New York and run by Managing Principals Arvind Chary and Alex Foster. Atlas Real Estate Partners has closed on 22 acquisitions in the past 34 months including 3,500 apartments and several office and retail properties. Atlas has offices in New York, Florida and Texas and continues to seek institutional-quality and value-add multifamily, student-housing, office and retail assets that fit theirplatform.
*We're open for calls/interviews about this acquisition.