posted on December 24, 2010 23:47
Real estate investment firm AREA Property Partners has acquired Giovanna Apartment Homes in Plano for $54.5 million.
The 730-unit apartment complex was formerly owned by KC Spring Creek Apartments LP and KCD GP LLC, according to public records.
In a statement, John Jacobsson, a partner at AREA, said his firm intends to improve operations at the Plano complex with the goal of making it one of “Plano’s most desirable communities.”
The apartment community is located near Collin County Community College at 1800 East Spring Pkwy.
New York-based AREA Property Partners will add the property to its growing real estate portfolio, which has invested in 500 similar transactions with a combined value of $60 billion.
12/21/10, Dallas Business Journal