Author: Industry News
April 04, 2014
Premier national apartment developer The NRP Group has purchased approximately 10 acres in the Bear Creek Riverwalk development in Euless, Texas. The land is located at the northwest corner of Highway 183 and Highway 360, adjacent to DFW International Airport, and is zoned for single family residential, multifamily and commercial use. Andrew Prine of Stratford Group, LLC, brokered the deal.
“We are looking forward to bringing sleek and sophisticated apartment homes to this thriving location at the center of the Dallas/Fort Worth area,” said Mark Johnson, the NRP Group. “Bear Creek Riverwalk is the perfect location for convenient living. It’s just minutes away from the DFW Airport, within easy reach of employers throughout north Texas and near great entertainment and shopping, such as in Southlake and Grapevine, two regional lakes, as well as all of the shopping and dining a city dweller desires.”
The NRP Group’s purchase is the second land sale in Riverwalk, a property initially acquired by Stratford Land in April 2011. NRP plans to build 300 urban units with groundbreaking expected to begin by summer 2014.
“The NRP Group’s track record, reputation and credibility has attracted key investors and a talented team of employees resulting in the company’s being ranked among the top multifamily housing developers in the nation. We are pleased to have such an outstanding apartment developer in the Bear Creek Riverwalk community,” said Steve Sanders, Stratford Land’s senior investment manager for Texas.
Stratford expects the commercial aspects of Bear Creek Riverwalk will follow residential as is common in mixed-use communities.
“When Stratford acquired the property in 2011, we knew the location was exceptional,” continued Sanders. “NRP’s decision to build at this location affirms our investment, and we are excited to see the multifamily area of Bear Creek Riverwalk come to life.”
Along with its decades of proven success as land investment managers, Stratford also provides non-recourse financing for a variety of real estate purposes, including acquisition, refinancing, return of equity, horizontal development and note purchase. Stratford Land’s financial strength enables it to acquire and hold land during various economic cycles and to reposition land to its highest and best use.
Andrew Prine of Stratford Group, LLC, who represented Stratford Land in the sale to The NRP Group, may be reached at (214) 239-2361 or email@example.com.