Atrium at Northcreek – 2929 N. Central Expressway

Disposition Date | December 2014

Year Built | 1999

Class | A

Size | 240,153 square feet

Building Height | 10 Stories

Location | 4055 Valley View Lane, Farmers Branch, TX 75244

IRR | 10%

Actual Multiple | 1.8x

The Opportunity

  • Acquire an underperforming Class B asset at less than 50% of replacement cost
  • Occupancy at time of acquisition was 74%, well below the market occupancy
  • In place rents were significantly below market

The Strategy

  • Implement a capital improvement plan to renovate common area and restrooms which creates the opportunity to increase occupancy and rental rates
  • Draft from the immediate proximity to the $1.5 billion master planned City Line development anchored by State Farm and Raytheon
  • Elevate the assets market awareness through a proven marketing and leasing effort

The Result

  • Rental rates for both new and renewal transactions have exceeded proforma
  • The submarket continues to experience positive absorption
  • Anticipated disposition 2018