CONTI Organization, one of North Texas’ largest private multifamily property owner-operators, has acquired Courtyards at Mustang, a 246-unit complex located at 2913 Mustang Drive in Grapevine, Texas. This acquisition, CONTI’s 41st since it was founded in 2008, pushes the company’s total transaction volume past $1 billion. CONTI now owns 29 properties, representing more than 8,300 apartment units in the Dallas-Fort Worth area.
“The well-maintained Courtyards at Mustang property aligns perfectly with our portfolio as it is centrally located within an area of strong median household income and is near major employment centers, the DFW-International Airport and retail. This family-friendly apartment community in the heart of Grapevine also has elementary, middle and high school campuses in the highly rated Grapevine-Colleyville ISD all within one mile of the complex,” said Stewart Hsu, Co-Founder and President, CONTI Organization.
Built in 1973, Courtyards at Mustang is a two-story, garden-style complex that consists of 164,490 square feet on nearly 7.5 acres. The complex, which has average rental rates below $1,000, has two swimming pools, a playground, basketball court and soccer field.
“The acquisition of Courtyards at Mustang illustrates our long-term focus on acquiring attractive, well-located workforce housing properties with good value added potential,” said Carlos Vaz, Co-Founder and CEO, CONTI Organization. “Our growth is a well-thought vision based on a strong company culture, people and processes to execute on our plans and provide investors the best risk-adjusted returns.”
The Courtyards at Mustang acquisition was brokered through Danny Baker and Chris Deuillet of CBRE.
About CONTI Organization
Founded in 2008, CONTI is a vertically integrated real estate investment company specializing in value added multifamily investments in Texas. At CONTI, our focus is on multifamily properties, and our mission is to be the leading owner and operator of multifamily housing in Texas while benefiting the lives of our residents, our investors, our team and every individual that touches our business.