Elite Street Capital completed its first two acquisitions of 2018 with the closing of Legacy at Valley Ranch in Irving, Texas and Crystal Park at Waterford in Frederick, Maryland. This brings ESC’s total Multifamily acquisitions to 24 in the last three years.
Legacy at Valley Ranch:
The 504-unit property has been renamed The Fields Valley Ranch and will be managed by Elite Street Capital Property Management Services. ESC plans to invest significant capital to renovate both the interiors and exterior of the asset. ESC funded this acquisition with several partners, and debt provided by Greystone/Fannie Mae.
The Fields Valley Ranch is strategically located in a highly trafficked area of Irving, TX, a world-class business center that features more than 10,000 companies, including five Fortune 500 global headquarters. The property is less than five miles from the DFW International Airport, the third-busiest airport in the world.
Constructed in 1999, The Fields Valley Ranch features 50 buildings on 21.09 acres. The asset is located directly northwest of the Interstate-635 and SH-161 (President George Bush Turnpike) interchange and less than three-miles west of Interstate-35E. The gated community offers carports and garages, two relaxing pools, an executive business center, a fitness center with cardio, and a theater room.
Crystal Park at Waterford:
The 314-unit property has been renamed The Fields Rock Creek, and will be managed by Elite Street Capital Property Management Services. ESC plans to invest significant capital to renovate both the interiors and exterior of the asset. ESC funded this acquisition with several partners, and debt provided by Greystone/Fannie Mae.
The Fields Rock Creek is located in the city of Frederick, Maryland. Frederick is the second largest city in Maryland, providing residents with many enjoyable lifestyle amenities as well as unique historic culture and outdoor recreation.
Constructed in 1990, Crystal Park is situated on 16.3 acres of land. The Fields Rock Creek sits among a charming historic downtown setting and a bounty of employment centers. Frederick is the terminus of the nationally renowned I-270 Technology Corridor and serves as home to Fort Detrick, a United States Army post specializing in advanced technology and research.