Lone Star Funds (“Lone Star”) today announced that an affiliate of Lone Star Value-Add Fund I, L.P. has successfully completed the sale of Reserve at Spring Creek, a 458-unit multifamily community located in Richardson, Texas, to MG Properties.
Originally acquired as part of Lone Star’s broader multifamily investment strategy in the Dallas-Fort Worth metroplex, Reserve at Spring Creek benefits from its highly accessible location within the Telecom Corridor submarket and proximity to major employment centers, retail amenities and regional transportation infrastructure. Behind Lone Star’s investment, the property has also significantly enhanced its offering with upgraded amenities and tenant offerings.
“Reserve at Spring Creek represented an opportunity to invest in a well-located multifamily asset within one of the strongest residential markets in the country,” said Jérôme Foulon, Global Head of Commercial Real Estate at Lone Star. “Through targeted asset management initiatives and continued operational focus, we were able to enhance the property and believe it is well-positioned for the future.”
About Lone Star
Lone Star is a leading investment firm with its principal office in London, UK advising funds that invest globally in private equity, credit and real estate. The firm has been successfully navigating complex situations for over 30 years. The funds are experienced value investors that seek opportunities in situations that are in flux or complicated by specific structural or financial factors, regardless of the prevailing market environment. Our deep bench of senior leaders and expert deal professionals ensures a strong foundation for successful investments and strategic decision-making. Since the establishment of its first fund in 1995, Lone Star has organized 26 private equity funds with aggregate capital commitments totaling approximately $96 billion. For more information regarding Lone Star Funds, go to www.lonestarfunds.com. Follow us on LinkedIn.
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