Developer Roland Stewart, President of Paramount Investments, and Carbon Landmark Company broke ground in the fall of 2006, on a $30 million 312 unit Luxury gated Multi-Family development in Cedar Park Texas, located within the Austin area. The developers reached 100% occupancy within the first 12 months of completion of the development, with rents exceeding their proforma by 10%.
This project was sold in March of 2008.
IRR: 32% annualized
The Resort at Jefferson Ridge
The Resort at Jefferson Ridge consists of 420 luxury units containing a mix of one, two and three bedroom apartments. It enjoys an attractive mix of unique floor plans designed to accommodate the needs of the upper-middle class renter pool. The Resort at Jefferson Ridge sits on approximately 17.562 acres of land and is located at 5301 N. MacArthur Boulevard in the City of Irving, Texas. Purchased in July 2012, this property averages a 94% occupancy and was part of a portfolio valued at over $86M.
The Resorts at Jefferson Park
The Resort at Jefferson Park consists of 410 units on approximately 16.820 acres of land and located at 1127 Hidden Ridge Drive in the City of Irving, Texas. The improvements are situated on 33.675 acres that highlight the Southwest garden-style atmosphere and appeal of the assets. Massive adobe walls, ornate pillars and red tiled roofs are nestled in the gently rolling hills of mesquite trees and beautiful canals of Las Colinas. The Las Colinas Country Club and Sports Center are all nearby and the 3,500 acres of parks and greenbelts offer miles of jogging and biking trails. Properties are at an average occupancy of approximately 92%. The Resorts at Jefferson Park was part of a $86M investment.
The Resort at Valley Ranch
The Resort at Valley Ranch is a 524 unit garden apartment community with 28 apartment buildings, 4 pools, luxurious interiors and lighted basketball and tennis courts. Sprawling over 21 acres, the community is located inside the Valley Ranch master-planned development in Irving, Texas, directly across the street from the Dallas Cowboys practice fields. Purchased in August of 2011, the community is ideally located in an affluent residential area combining numerous lifestyle advantages, a strong employment base and easy connectivity to the Dallas/Fort Worth Metroplex. The Resort at Valley Ranch apartment community is 95% occupied. The Resort at Valley Ranch was part of a portfolio valued at over $86M.
The Resorts at Bear Creek
The Resort at Bear Creek was purchased in August of 2011. This garden-style apartment community contains 304 units and is located inside the prestigious Bear Creek neighborhood in the Mid-Cities portion of the DFW Metroplex. With easy access to seven major highway systems, the DFW International Airport, and numerous large employment centers, it is ideally located for the busy lifestyles of today’s commuters. The Landings at Bear Creek is close to numerous major attractions such as Six Flags over Texas Amusement Park, Hurricane Harbor Water Park, the Ballpark at Arlington and the Dallas Cowboy’s Stadium. The Resort at Bear Creek is 95 % occupied.
The Resorts at Central Park
Purchased in August of 2011, The Resort at Central Park apartment community is located in Bedford, Texas in the heart of the DFW Mid-Cities area. With 300 units, this garden-style community boasts easy access to seven major highways and DFW International Airport, close access to numerous major employers such as Harris Methodist HEB Hospital, the Great Southwest Industrial Park, and Centreport Business Park. The community includes an athletic center, two pools, spa, jogging trails and a racquetball court.