It acquired Range Water Real Estate, a fully integrated rental housing company with assets in the Sunbelt and Mountain West, and the large growing luxury residential community of Frisco Submarket in the Dallas, Fort Worth Metro area, an equity partner for Center Coor Investment Management. The joint venture has purchased the Sorrel Phillips Creek Ranch, located at 423 Farm -to Market Road in Frisco.
“We are thrilled to continue expanding our portfolio in Dallas-Fort Worth, one of Texas’ fastest-growing and most diverse cities,” said Stephen Shores, president and CEO of Rangewater Real Estate. “We look forward to bringing positive and fulfilling experiences to the vibrant local residents who are ready for growth.”
Rangewater is actively looking for new land sites and existing properties throughout the Dallas-Fort Worth MSA. The company currently manages more than 3,000 units across 17 properties in Texas. Sorrel is the company’s ninth community under management in the Dallas-Fort Worth Metro area.
“The acquisition represents an exceptional addition to the local community’s portfolio,” added Michael Hoy, Managing Director of Acquisitions at Rangewater Real Estate. “Frisco is a very business-friendly city offering excellent quality of life with high-wage employment, world-class entertainment and top school systems. It has many well-known developments, including the Dallas Cowboys HQ, the relocation of the headquarters of the Stars and PGA.”
The Sorrel Phillips Creek Ranch features 352 luxurious 1, 2, and 3 bedroom homes ranging from 776 to 1,476 square feet. Built in 2015, the pet-friendly apartment offers open floor plans with plank wood-style flooring, 9-foot ceiling rise, a luxury kitchen and sophisticated crown molding. Luxury floor plans include walk-in closets, stainless steel appliances, granite countertops, walk-in showers and dip tubs.
Amenities at Sorrel Phillips Creek Ranch include beautiful courtyard grounds, a luxury clubhouse, a fenced bark park, a resort-style swimming pool, a media centre, and a state-of-the-art fitness centre with aerobic and strength training equipment. Rangewater improves capital to both internal and external extension properties to maintain competitiveness against Frisco’s neighbouring communities. Conveniently located at Dallas North Stallway & Highway 121, the community provides quick access to top employers, schools and Lake Lewisville.
