FCP and VaultCap Partners have followed their July 2021 acquisition of Corey Place Apartments with the purchase of the adjacent 100-unit Prairie Ridge Apartments. The venture plans to combine the properties under a new name, The Marabella on Pioneer, and will lease and operate the Marabella as one 375-unit community.
“Combining Corey Place with Prairie Ridge provides an opportunity for both scale efficiencies and stronger placemaking as we operate both properties under one flag,” said FCP’s Cole Kellogg. “FCP is excited to partner again with VaultCap on Prairie Ridge. We were able to move quickly, closing within 21 days of placing it under contract in an all-cash transaction.”
“The opportunity to invest a substantial amount of renovation capital into both communities will be a great benefit for both the residents and the neighborhood alike,” said VaultCap’s Ryan Heddleston.
Prairie Ridge Apartments are located at 313 Freetown Road in Grand Prairie and feature one, two and three-bedroom apartments with convenient access to 161, 360, I-20 and I-30 and an abundance of job centers, amenities and entertainment venues in nearby Fort Worth and Dallas.
FCP and VaultCap extend their appreciation to Wes Racht, Nick Fluellen, and Bard Hoover from Marcus & Millichap, who represented the seller in the transaction.