Casoro Group announced a new partnership with Civitas Capital Group to acquire a 1,070 unit portfolio in the Dallas/Fort Worth market.
The transaction, which closed on February 28, 2020 will include renovations to Vistas at Pinnacle Park and Mariposa Villas located in Dallas, River Oaks located in Wylie, Savoy of Garland located in Garland, and Huntington Ridge located in DeSoto.
While the property exteriors of these communities match those of their Class A competitors, improvements will concentrate on the common area finishes and interiors. Value will also be added through the services and activities offered to the residents.
“Casoro Group is building towards a vision of providing better homes for better lives,” said Yuen Yung, CEO for Casoro Group. “We no longer define value-add as simply upgrading finishes, renovating the property, and calling it a day. We are taking a more resident-focused approach to value-add.”
Residents at each of the five communities will be surveyed to understand what services and activities they would like to see implemented at their community. This allows each community to customize its offerings to what the residents are interested in and will value the most. Past surveys have shown a wide-range of requests from dog walking services and breakfast-on-the-go to self-defense classes for women and after-school programs.
“Our surveys are telling us that we need to take a holistic approach to adding value to our residents’ lives,” said Jessica Lee-Wen, Director of Marketing for Casoro Group. “Not only are they looking for convenience but they want to enrich their lives intellectually, physically, and socially. How our residents want to achieve that is driven by their feedback. We just look for the opportunities to provide them with it.”
Being a vertically-integrated firm allows Casoro Group to work closely with their sister company, CLEAR Property Management, to implement these activities.
The portfolio is located within a 20-mile radius of the Dallas CBD in high-growth, suburban areas. Their locations provide residents with access to all employment drivers the city has to offer. Dallas has seen unprecedented economic growth and migration in recent years as a result of its diverse economy and business-friendly environment.
“Backed by a solid bench of institutional capital partners and in-house capital, this acquisition reflects our deep commitment to acquiring quality, value-add multifamily portfolios within Texas,” said Chi Hathiramani, CIO of Casoro Group. “We’re also looking to acquire real estate companies that own 1,000 to 5,000 units in the Sunbelt region; from Texas to the Carolinas and down to Florida. Our goal is to be a national, multifamily player with 20,000 units by the end of 2022 by providing better homes for better lives.”