Lone Star Funds-backed MG Properties acquires Reserve at Spring Creek
Located in Richardson’s Telecom Corridor, the 458-unit multifamily community sits near Dallas-Fort Worth employment centers, retail amenities and transportation infrastructure.
Takeaways
- Reserve at Spring Creek is a 458-unit multifamily community.
- MG Properties is acquiring Reserve at Spring Creek with backing from Lone Star Funds.
- The target serves multifamily residential across Richardson, Texas.
Reserve at Spring Creek, a 458-unit multifamily community in Richardson, Texas, was sold by an affiliate of Lone Star Value-Add Fund I, L.P. to MG Properties.
The property is located in the Dallas-Fort Worth Metroplex’s Telecom Corridor submarket, with access to employment centers, retail amenities and regional transportation infrastructure.
Lone Star Funds originally acquired the asset as part of a broader multifamily investment strategy in the Dallas-Fort Worth region.
During its ownership, Lone Star completed targeted asset management initiatives and upgraded the property’s amenities and tenant offerings.
Since its first fund in 1995, Lone Star Funds has organized 26 private equity funds with aggregate capital commitments of about $96 billion.
Get tomorrow morning's tape in your inbox.
Yesterday's platforms, add-ons, recaps, and exits, cleaned up before the workday starts.