RangeWater Real Estate and equity partner CenterSquare Investment Management acquired an upscale residential community in the growing Frisco submarket of the Dallas-Fort Worth metro area.

The joint venture purchased Sorrel Phillips Creek Ranch located at 5050 Farm To Market Road 423 in Frisco. The acquisition is part of rental housing industry leader RangeWater’s strategy to continue meeting housing demand by purchasing communities in desirable neighborhoods across the Sun Belt. The acquisition was an off-the-market deal, and the price was not disclosed.

RangeWater is actively seeking new land sites and existing properties throughout the Dallas-Fort Worth MSA. The company currently manages more than 3,000 units across 17 properties in Texas. Sorrel is the firm’s ninth community under management in the Dallas-Fort Worth metro area.

Sorrel Phillips Creek Ranch features 352 luxury one-, two-, and three-bedroom homes, ranging from 776 to 1,476 square feet. Built in 2015, the pet-friendly apartment homes offer open floor plans complete with plank wood-style flooring, soaring 9-foot ceilings, upscale kitchens, and sophisticated crown molding.  The upscale floor plans feature walk-in closets, stainless steel appliances, granite countertops, walk-in showers, and soaking tubs.