Pacific Urban Investors Makes First Texas Acquisition with Breckinridge Point

Pacific Urban Investors, a multifamily owner-operator and investment manager, has completed its first acquisition in the Dallas MSA. The newly acquired community, Breckinridge Point, consists of 440 units spread across 27 acres in Richardson, TX. This acquisition marks a continuation of Pacific Urban’s strategic expansion into new investment markets.

“We are excited to expand our geographic coverage with the addition of our first community in Texas. The Richardson submarket has been a strategic focus for us since entering the Dallas MSA given its proximity to major employment hubs and top-ranked schools. Breckinridge Point offers large units in a low-density configuration in a very desirable suburban neighborhood and reflects Pacific’s commitment to investing in communities that offer residents a superior living experience” said Vas Giahos, Senior Vice President of Investments.

Breckinridge Point is located within a 10-minute drive of Dallas’s Telecom Corridor and CityLine development, which are home to major employers including, State Farm, Raytheon, Cisco, Texas Instruments, Blue Cross Blue Shield, Geico, Collins Aerospace, and Infosys. In addition to convenient access to jobs, the neighborhood’s desirability is further boosted by its inclusion in the highly-regarded Plano Independent School District and proximity to lifestyle amenities such as the 417-acre Breckinridge Park. Breckinridge Point is a high-quality garden-style community built in 1998 on a low density 26.8-acre site (16.4 units/acre). The Property features large, well-appointed floor plans that average 968 square feet and offer a balanced unit mix. All units feature 9-foot ceilings, full-size side-by-side washer and dryer hookups, walk-in closets, central air conditioning, patios/balconies with additional storage, and 167 units (38% of Property) have direct access private garages. Additionally, Breckinridge Point has a comprehensive amenity set that includes a leasing office, clubhouse, second standalone clubhouse space, two pools, barbeques, fitness center, business center, theater room, playground, dog park, and a pond with walking path around it.

“Pacific’s acquisition of Breckinridge Point fits squarely within Pacific’s investment thesis: quality communities with durable competitive advantages relative to both the direct rent comparables and newer deliveries, located proximate to significant employment and lifestyle amenities. In addition, the Property offers the opportunity for Pacific to complete the renovation program implemented by the Seller while continuing to provide a meaningful value proposition for residents relative to new supply,” said John Fluke, Managing Director of Investments.