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
