PLANO, IRVING - American Communities has acquired three communities in North Texas. The properties include Cornerstone Ranch and Laurel Ridge in Plano, as well as Islands West in Irving.
Cornerstone Ranch and Laurel Ridge total 368 units.
In Plano, Cornerstone Ranch is at 1717 Independence Pkwy., while Laurel Ridge is at 2821 Townbluff Dr. Both multifamily properties have occupancies in the mid-90s.
Both properties will be upgraded and rebranded under the company's Bel Air moniker. Dome Equities LLC of New York City was the seller.
The Irving property is the 92-unit Islands West at 2700 Rock Island Rd. The property was 88 percent occupied at time of closing and will also sport the Bel Air brand following upgrades.
Read more at GlobeSt.com and Multi-Family News.
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