Miami Investor Looks to Dallas
Aventura-based Advenir is gung-ho for Texas these days. Specifically, Dallas-Fort Worth, where it closed this week on the 295-unit Mission Ranch apartments in Mesquite. It’s the firm's third acquisition in the Dallas area in the past six months. (The BBQ must be pretty good.) Advenir chief acquisition officer Todd Linden (snapped with founding principal Stephen Vecchitto) tells us that the company’s core investment strategy targets value-add multifamily in markets experiencing significant job growth, positive net in-migration, low cost of living, and a superior quality of life.
That sounds like South Florida (and it is), but North Texas also meets those qualifications. Todd points out that the Metroplex ranks as the fastest-growing nationwide in terms of population growth and includes an abundance of small- and medium-sized businesses supporting 3 million employed residents. Currently Advenir owns and operates nearly 2,000 units in DFW and “we’ll continue to source new opportunities because of the positive market fundamentals.” Advenir’s current portfolio totals 7,200 units.
