Birmingham, AL, October 5, 2021 – Harbert United States Real Estate Fund VII, L.P., along with its parallel fund (“HUSREF VII” or the “Fund”), together with Harbert Parkside Co-Investor, L.P., a Fund-sponsored co-investment vehicle, has closed on the acquisition of Parkside at Craig Ranch (“Parkside” or the “Property”), a unique, 1,824 unit, class A multifamily property located in the acclaimed 121 Corridor of Dallas-Fort Worth. The Property presents a compelling risk-adjusted opportunity to create value in a rapidly growing and high-quality submarket. Developed in five phases between 2013 and 2021, the Property features market-leading amenities in a one-of-a-kind lifestyle environment that is difficult to replicate.
Parkside is part of a 2,200-acre master-planned, mixed-use development that provides great livability between the booming suburbs of McKinney and Allen. The Property’s location in Craig Ranch and the heart of the 121 Corridor is proximate to numerous large employment centers and adjacent to significant new mixed-use developments including HUB 121, District 121, and McKinney Corporate Center.
HUSREF VII’s renovation strategy will be light in nature, focusing on modernizing the interiors of Phase I and upgrading the technology throughout the Property. Most importantly, management plans to prioritize building a sense of community at Parkside through an extensive combination of on-site amenities, social events and tenant services. The property management effort will be led by BH Management Services. Click to read more at www.harbert.net.