SPI Advisory Acquires Two-Property Multifamily Portfolio in Denton, TX
SPI Advisory Acquires Two-Property Multifamily Portfolio in Denton, TX
PRESS RELEASE | July 19th, 2024
SPI Advisory, LLC
201 Coronado Drive, Denton, TX 76209
521 East Windsor Drive, Denton, TX 76209
On July 19th, 2024, SPI Advisory (“SPI”) and its partners finalized the acquisition of Lana Apartments and Aspire Apartments as part of a two-property multifamily portfolio totaling 248 units. This strategic acquisition serves as SPI’s 48th acquisition in the DFW metroplex since its inception in 2014 and bolsters the firm’s portfolio to over 7,700 multifamily units currently owned and operated in the state of Texas.
Lana Apartments, a 116-unit, garden-style multifamily property built in 1981, is located at 521 E Windsor Drive. Located just around the corner at 201 Coronado Drive, Aspire Apartments comprises 132 units and was built in 1970. Prior ownership acquired both assets in March of 2022 and spent a considerable amount of money to help reposition the asset – the majority of the heavy lifting on most common areas, exteriors, and amenities has already been completed. Both assets are in great shape physically given the vintages, with significant upside remaining. They offer spacious, well-equipped one- and two-bedroom units with amenities such as private patios/balconies, pet play areas, hardwood-style flooring, and contemporary kitchens.
Located at the northern point of the “Golden Triangle of North Texas,” Lana and Aspire offer residents a unique blend of small-town charm with big-city living. Just 40 minutes north of Downtown Dallas and Downtown Fort Worth, these properties provide easy access to the metroplex’s top employers, entertainment centers, transportation, restaurants, universities, and public schools. Residents enjoy Denton’s vibrant arts and music scene, along with its beautiful parks, trails, and lakes, offering a rich cultural experience and ample outdoor activities. Additionally, Lana and Aspire are just a short distance from the University of North Texas (UNT), Texas Women’s University (TWU), Discovery Park, and Denton’s vibrant Downtown Square.
“We are thrilled to add Lana Apartments and Aspire Apartments to our growing DFW portfolio,” said Michael Becker, Principal at SPI Advisory. “These properties not only enhance SPI’s presence in a high-growth market but also align with our strategy to acquire well-located, quality assets. Denton is one of our favorite markets and our investments there over the last decade have produced outsized returns. We are confident that Lana and Aspire will provide an exceptional living experience for our residents and strong returns for our investment partners.”