MBP Capital snapped up Frances Way Villas in Richardson. The Class-B 200-unit garden style property is a value-add property, director of brokerage and acquisitions Ryan Heddleston tells us. The company (co-founded by Mike Phillips and Cathy Finn) plans to pour up to $2.7M into renovations. Because it is workforce housing designed for families, MBP Capital will add family-oriented amenities such as a splash pad, volleyball court and fitness center. MBP Capital will also rebrand the community as The Beverly.
Earlier this year, the company bought The Gardens on Walnut, a 1964-constructed property in Garland.
Class-B properties are hard to find in this market, Ryan says. Because there’s so much demand, they’re able to raise rents above pro forma. Last year, they charged an average of $0.92/SF, and this year it is up to $1.10. MBP Capital expects to close on from four to six properties this year–or about 1,500 units.
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