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A Chicago investor has purchased four Dallas-area apartment communities with more than 1,600 rental units.
Watertown acquired two Dallas apartment projects and two in Plano as part of a larger nationwide acquisition.
The Dallas purchases include the Mockingbird Flats apartments on SMU Boulevard near U.S. Highway 75 and the Gramercy on the Park apartments on Bush Turnpike at the Dallas North Tollway.
In Plano, Waterton bought the Creekside at Legacy apartments and Lakeshore at Preston apartments, both near Preston Road.
"Waterton is very excited to add these four high-quality assets to our Dallas portfolio," Matt Masinter, senior vice president of acquisitions at Waterton, said in a statement. "These properties have upside potential and will benefit from both a very strong local economy and our strategic value add program, which will help them further compete within their submarket."
The investor also acquired apartment properties in Houston, Phoenix, Raleigh, N.C., and Springfield, Va., as part of the latest purchase.
About a year ago, Waterton purchased the 288-unit South Side Flats apartments in Dallas’ Cedars neighborhood on Lamar Street.
Waterton now owns and manages 10 rental communities in Texas with more than 3,500 units.
"We’ve been actively pursuing opportunities in these markets for years and are excited about our most recent acquisitions," David Schwartz, chairman and co-founder of Waterton, said in a statement.
In business since 1995, Waterton is a privately held real estate investment firm with about $4 billion in holdings.