AUGUST 30, 2021
Grand Prairie, Texas – Jeronimo Hirschfeld, President, and CEO of One Real Estate Investment (OREI), announced the purchase of a 310-unit apartment community in Grand Prairie, Texas.
Canyon Grove Apartments was built in 1983 and is located at 1960 W Tarrant Rd, Grand Prairie, TX. The asset is situated in the center of Dallas-Fort Worth and provides exceptional access to transportation networks allowing for drives of less than 15 minutes to the DFW International Airport, 20 minutes to Downtown Dallas, and 25 minutes to Downtown Fort Worth. The area is considered an innovation hub with a low cost of living, attractive quality of life, skilled labor-force, pro-business mindset, and strong regional and state economies making it an ideal location. The centralized footprint and world-class transportation infrastructure also contribute to its robust economic identity. OREI will complete exterior and amenity enhancements including, but not limited to, the fitness center, pool, parking lot, roofs, and landscaping. In addition to the exteriors, OREI will implement an interior value-add program upgrading the appliances, cabinets, countertops, backsplashes, flooring, plumbing, and lighting.
The deal was initially observed through a competitive marketing process where the selected buyer was unable to close. Given OREI’s strong relationship with the broker and certainty of execution, the group was approached off-market with an opportunity to purchase the asset at a significant discount.
“The Dallas-Fort Worth Metroplex continues to impress us” stated Hirschfeld. “It was ranked 1 for fastest growing metro over the past decade and 3rd for most economic diversity. We are confident that Grand Prairie will see outsized benefits from these achievements.”