Affiliates of Harbor Group International, LLC (“HGI”), a privately owned international real estate investment and management firm, announced the acquisition of Livano Canyon Falls, a newly constructed multifamily property comprised of 300 units in Northlake, Texas.
“We view this as an exceptional opportunity to acquire a newly developed asset in a dynamic and highly desirable submarket of the Dallas-Fort Worth area,” said Yisroel Berg, Chief Investment Officer of Multifamily at HGI. “Leveraging our extensive management expertise in Texas, we are confident in our ability to drive a successful lease-up and fully capitalize on potential for revenue growth as the property reaches stabilization.”
The property’s Northwest Dallas location has experienced rapid growth, experiencing a 513% increase in population since 2010. As the area continues to expand, new multifamily development remains constrained, with only one project currently under construction. Livano Canyon Falls benefits from direct access to AllianceTexas, a 27,000-acre master-planned community that serves as one of the region’s largest economic catalysts. Spanning 58 million feet, AllianceTexas offers Livano Canyon Falls residents proximity to the area’s major employers, including Deloitte, Charles Schwab, Fidelity, Amazon and Facebook.
Livano Canyon Falls features a mix of one-bedroom, two-bedroom, and three-bedroom floor plans, with an average floor plan of 1,015 square feet. Unit interiors include high ceilings, stainless steel appliances, private balconies or patios, and private backyards in select units. Community amenities include a designer clubhouse, an entertainment kitchen, private offices, a business center with conference rooms, a resort-style pool with a sun deck and electric vehicle charging stations, among other features.
The investment adds to HGI’s deep footprint in the Dallas-Fort Worth MSA, owning nearly 40 properties in this submarket throughout its history.
Harbor Group International, LLC, and its affiliates control an investment portfolio of approximately $20 billion, including 57,000 apartment units in the United States and 5.0 million square feet of commercial space throughout the United States and the United Kingdom. In addition to its corporate headquarters in Norfolk, Virginia, HGI maintains offices in New York, Baltimore, Los Angeles, and Tel Aviv.
