Lone Star Funds Sells 458-Unit Reserve at Spring Creek Multifamily Asset in Richardson, Texas
Lone Star Funds has completed the sale of Reserve at Spring Creek, a 458-unit multifamily community in Richardson, Texas, to MG Properties, the firm announced May 21. The transaction marks the disposition of a value-add multifamily asset held through an affiliate of Lone Star Value-Add Fund I, L.P. in the Dallas-Fort Worth metroplex.
Property and Location
Reserve at Spring Creek is situated within Richardson's Telecom Corridor submarket. According to Lone Star, the property benefits from proximity to major employment centers, retail amenities, and regional transportation infrastructure.
The 458-unit community underwent upgrades to amenities and tenant offerings during Lone Star's ownership, consistent with the firm's value-add investment approach.
Lone Star's Investment Rationale
Lone Star described the acquisition as part of a broader multifamily investment strategy in the Dallas-Fort Worth metroplex. Jérôme Foulon, Global Head of Commercial Real Estate at Lone Star, said the property represented an opportunity to invest in a well-located multifamily asset within one of the strongest residential markets in the country.
"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," Foulon said in the announcement.
Transaction Details
MG Properties is the acquiring party. No sale price, cap rate, financing terms, or additional details regarding MG Properties were disclosed by either party.
About Lone Star Funds
Lone Star Funds is an investment firm with its principal office in London that advises funds investing globally in private equity, credit, and real estate. Since organizing its first fund in 1995, Lone Star has raised 26 private equity funds with aggregate capital commitments totaling approximately $96 billion.
The sale of Reserve at Spring Creek represents one transaction within Lone Star Value-Add Fund I, L.P.'s multifamily portfolio in the Dallas-Fort Worth region. No additional details regarding the fund's remaining holdings or investment timeline were disclosed.