AREA Property buys Texas multifamily asset

The international real estate investor and fund manager pays $54.5m for a 730-unit complex in Plano

AREA Property Partners has acquired a 730-unit multifamily property in Plano, Texas, for $54.5 million, the firm announced. The seller of the property, known as the Giovanna Apartment Homes, was not disclosed.

“The acquisition of the Giovanna continues AREA’s strategy of investing in properties and markets with strong growth potential and excellent demographics,” said John Jacobsson, a partner with AREA, in the announcement. “We have a plan to improve operations and to make the Giovanna one of Plano’s most desirable communities.”

The Giovanna, located at 1800 East Spring Parkway, offers one, two and three-bedroom apartments in a garden-style complex. Amenities include four swimming pools, a 24-hour fitness center and a gaming and entertainment room. Its convenient location off the North Central Expressway is close to restaurants, shopping and entertainment.

A spokesperson for AREA was unable to provide additional comment by press time.