Balfour Beatty acquires 398 multifamily units in Northwest Dallas
May 28, 2015
MALVERN, PA --- Balfour Beatty Communities
, a leading provider of property management, development and related real estate services for the multifamily, military, and student housing markets, announced today it has acquired Townlake of Coppell, a 398-unit garden style apartment community situated on 17.5 acres in Coppell, Texas. Balfour Beatty Communities completed the purchase through a joint venture with JLL Income Property Trust
, a non-listed, daily valued perpetual life real estate investment trust (REIT). Balfour Beatty Communities will self-perform all property management services through its Multifamily Division.
Strategically located in northwest suburban Dallas, Townlake of Coppell consists of one, two and three bedroom units that range from 675 to 1100 square feet. The units boast open floor plans, gourmet kitchens, washer/dryer connections, fireplaces, sunrooms, and balconies/patios. Community amenities include two resort-style pools, a 24-hour fitness center, clubhouse, expansive playground and basketball court.
"With our established presence in the Dallas/Fort Worth area that includes a regional operations office, Townlake of Coppell is a perfect complement to our growing multifamily portfolio," said Chris Williams, president of Balfour Beatty Communities. "The property boasts a strong occupancy history, desirable location in the award-winning Coppell Independent School District and proximity to the DFW airport and downtown Dallas—factors that will continue to position Townlake as a strong performer."