An affiliate of Livingston Street Capital, a boutique private equity firm focused on commercial real estate investments throughout the U.S., has acquired Atlas Point at Prestonwood, a 183-unit Active Adult (55+) multifamily community in the Dallas-Fort Worth-Arlington metropolitan area of Texas.
This asset brings Livingston’s overall investment in the Dallas-Fort Worth Active Adult market alone to $150 million within six months, according to Peter Scola, Founder, President, and Co-CEO of Livingston Street Capital.
“The Dallas Fort-Worth area appeals across demographics, as it offers an abundance of outdoor amenities, retail destinations, metropolitan conveniences, and a great climate,” explains Scola. “The population for ages 65 to 79 in particular increased 74% over the last 10 years and is expected to grow an additional 24 percent by 2025. Based on this, we anticipate sustained high demand for 55+ communities that encourage active lifestyles and overall wellbeing, and have strategically assembled a portfolio of 765 units and counting in this market.”
The purchase of Atlas Point comes within months of Livingston acquiring three additional properties in the Dallas-Fort Worth market, further allowing the firm to strengthen existing local relationships and to build a strong regional foothold in Texas, notes Scola.
“Atlas Point is situated in a central location that is proximate to both Dallas and Fort Worth and will benefit from its positioning in a vibrant residential community full of art, history, culture that is seeing continued economic growth,” continues Scola. “This asset’s top-notch location and Class A construction fit perfectly within our strategy and mission to deliver enriching environments and lifestyles through competitive amenities and activities in Texas and throughout the country.”
Atlas Point is located one mile from The Shops at Willow Bend, a major retail center, and near several convenient daily-needs retailers including Target, Costco, Home Depot and Walmart.
Additionally, residents are a short drive from the Carrollton Senior Center, a 22,500 square foot facility that consists of a large social area for games and activities, a ballroom, and an active boardwalk with waterfront piers on a lake surrounded by trails for hiking and biking.
Community amenities at Atlas Point include a resort-style pool, outdoor lounge with kitchen, salon, fitness center, pet washing station, and elevators for convenient access throughout the community.
The property offers one-, two-, and three-bedroom units that feature walk-in closets, granite countertops, hardwood-style flooring, and stainless-steel appliances.