Dome Equities today announced the acquisition of Vista Pointe, an institutional grade apartment community located in the Valley Ranch master-planned community of Irving, Texas. This location provides residents with convenient access to the entire Dallas Fort Worth Metroplex and is also located in the award-winning Coppell Independent School District. The community was built in 1996 and consists of one, two, and three bedroom units with an average square footage of 1,032. Eighty-seven percent of the units have direct access garages.
Dome’s value-add plan for Vista Pointe includes installing stainless steel appliance packages in each unit, as well as lighting and plumbing packages in bathrooms and kitchens, vinyl floor planking, cabinets, window coverings, and ceiling fans.
“We believe Vista Pointe is a great addition to our national apartment portfolio and expect it will benefit from strong & stable demographic trends coupled with added exposure to another high growth corridor of the United States economy,” said Eric D. Jones, Dome Equities Chief Investment Officer, “We are confident that Dome’s expertise in value-add improvements are designed to enhance Vista Pointe to accommodate the growing number of residents choosing to make Irving their home.”
Dome’s real estate portfolio totals nearly $1.27 billion, which includes eight properties in Texas.
Jones further stated, “Irving is a diverse, strategically located city in an above average growth metropolitan area. Managerial and professional service growth are leading this economy on the back of a number of major corporate relocations. A high concentration of corporate headquarters, technology businesses, banking, distribution infrastructure, and above-average population growth are leading sectors longer term. We are delighted to increase our presence in this dynamic region.”
Vista Pointe is jointly owned with a Dallas headquartered multifamily operator and will be professionally managed by this company.