Performance Properties Targets 1,500 Units In 2016
Performance Properties unveiled plans to acquire 1,500 multifamily units in Texas this year, more than doubling its portfolio. The bold expansion plan is a vision of investment partners Todd White and David McQuaid, who have acquired 1,235 units ($73M) in Richardson's Telecom Corridor together since joining forces at Performance Properties in 2013. David and Todd have always seen the value-add market as their bread and butter, but this time they’re focusing on higher-quality properties that don't require extensive renovations.
The first acquisition in the new strategy: the 220-unit Woodhollow Luxury Apartments (pictured) in Waco. The Class-B property is 96% occupied and was totally updated two years ago, so Performance Properties just has to renovate units before it can push rents. Rowan Properties’ Coleton and Bradley Burch repped the seller, a Dallas-based partnership. HFF’s Steve Heldenfels arranged funding through LegacyTexas, with Ross Lyle as its loan producer.
