Los Angeles-based investment firm ShainRealty Capital has entered the Dallas market with its purchase of a 373-unit rental complex for $46.4 million.
The company financed the deal with a $40 million, five-year bridge loan from Arbor Realty Trust, ShainRealty said in a release on Friday.
The Reflections at Highpoint complex was previously owned by OpenPath Investments, a real estate firm based in Truckee, California, records show. OpenPath could not immediately be reached for comment.
ShainRealty plans to start renovations on the complex at 9010 Markville Drive immediately, spending $2.3 million to upgrade and rebrand the apartments with the name Infinity on the Mark, the firm’s managing partner, Jonathan Shainberg, said in a statement.
The apartments at the complex average 760 square feet in size.
A privately owned investment firm, ShainRealty focuses on acquiring Class B and workforce housing projects, according to its website. Last October, it acquired a 96-unit apartment complex in Chicago for $8.2 million.
The firm said it is planning to make additional multifamily acquisitions in the Dallas market.