Lone Star Funds Announces Sale of Multifamily Property in Dallas-Fort Worth Metroplex
Lone Star Funds (“Lone Star”) today announced that an affiliate of Lone Star Value-Add Fund I, L.P. has successfully completed the sale of Reserve at Spring Creek, a 458-unit multifamily community located in Richardson, Texas, to MG Properties.
Originally acquired as part of Lone Star’s broader multifamily investment strategy in the Dallas-Fort Worth metroplex, Reserve at Spring Creek benefits from its highly accessible location within the Telecom Corridor submarket and proximity to major employment centers, retail amenities and regional transportation infrastructure. Behind Lone Star’s investment, the property has also significantly enhanced its offering with upgraded amenities and tenant offerings.
“Reserve at Spring Creek represented an opportunity to invest in a well-located multifamily asset within one of the strongest residential markets in the country,” said Jérôme Foulon, Global Head of Commercial Real Estate at Lone Star. “Through targeted asset management initiatives and continued operational focus, we were able to enhance the property and believe it is well-positioned for the future.”
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