Keller, Texas
Class A, Ground-Up Development
Year Built: 2007 | Year sold: 2014

312

CityParc at Keller is a Class A ground-up development located in a highly desirable Dallas/Fort Worth suburb with strong demand-driving fundamentals.

We partnered with an institutional-quality European equity partner to construct and operate this 312-unit, Class A community. As the project was nearing completion in late 2007, the national economy began to show signs of distress. We remained confident that the market fundamentals would weather the storm, supplemented by diligent leasing efforts and micro expense control.

The results were remarkable. Not only was the project completed well below the estimated cost, CityParc at Keller became a case study for managing downside risk in the face of economic hardship. Despite entering lease-up in the heart of the 2008 recession, the project exceeded the hurdle rate and delivered 2x multiple to investors upon exit in 2014.