RangeWater Real Estate, a fully integrated rental housing company with assets across the Sun Belt and Mountain West, and equity partner, CenterSquare Investment Management, have acquired an extensive upscale residential community in the growing Frisco submarket of Dallas-Fort Worth metro area.
The joint venture purchased Sorrel Phillips Creek Ranch located at 5050 Farm To Market Road 423 in Frisco. The acquisition is part of rental housing industry leader RangeWater’s strategy to continue meeting housing demand by purchasing communities in desirable neighborhoods across the Sun Belt. The acquisition was an off-the-market deal, and the price was not disclosed.
“We are excited to continue expanding our portfolio in Dallas-Fort Worth, one of the fastest growing and most diverse cities in Texas,” said RangeWater Real Estate’s President and CEO Steven Shores. “We look forward to bringing positive and fulfilling experiences to the residents in vibrant neighborhoods poised for growth.”
RangeWater is actively seeking new land sites and existing properties throughout the Dallas-Fort Worth MSA. The company currently manages more than 3,000 units across 17 properties in Texas. Sorrel is the firm’s ninth community under management in the Dallas-Fort Worth metro area.
“This acquisition represents an exceptional addition to our local portfolio of communities,” added Michael Hoy, Acquisitions Managing Director at RangeWater Real Estate. “Frisco is a very business-friendly city offering an excellent quality of life with high-wage employment, world-class entertainment, and a top-rated school system. There are numerous high-profile developments like The Star, home to the Dallas Cowboys headquarters, and the PGA’s headquarters relocation.”
Sorrel Phillips Creek Ranch features 352 luxury one-, two-, and three-bedroom homes, ranging from 776 to 1,476 square feet. Built in 2015, the pet-friendly apartment homes offer open floor plans complete with plank wood-style flooring, soaring 9-foot ceilings, upscale kitchens, and sophisticated crown molding. The upscale floor plans feature walk-in closets, stainless steel appliances, granite countertops, walk-in showers, and soaking tubs.
Sorrel Phillips Creek Ranch amenities include beautiful courtyard grounds, a luxury clubhouse, a fenced bark park, a resort-style swimming pool, a media center, and a state-of-the-art fitness center featuring cardio and strength training equipment. RangeWater will make capital improvements to the property, both interior and exterior enhancements, to maintain a competitive edge over neighboring communities in Frisco. Conveniently near Dallas North Tollway & Hwy 121, the community offers quick access to top employers, schools, and Lake Lewisville.
For more information on Sorrel Phillips Creek Ranch call (469) 669-3034 or visit www.sorrelpcr.com.
About RangeWater Real Estate
RangeWater is a fully integrated multifamily real estate company creating fulfilling experiences for its partners, clients, residents, and employees across the Sun Belt and Mountain West. With a diversified portfolio of multifamily, build-to-rent, and mixed-use real estate assets, the Atlanta-based company has acquired and developed more than 36,000 multifamily units since its inception in 2006, representing over $7.1 billion in total capitalization. RangeWater blends local market knowledge and subject matter expertise to create places and experiences that redefine community, currently managing a portfolio of more than 72,000 multifamily units across 13 states. With offices in Atlanta, Charlotte, Dallas, Denver, and Tampa, RangeWater targets high job growth markets with demand for new housing. For more information, visit LiveRangeWater.com.
