AvalonBay Communities Acquires Multifamily Properties In Frisco & Carrollton, TX And Mooresville, NC For $277.2M

AvalonBay Communities recently acquired two properties in Texas and North Carolina as part of their strategy to achieve operating scale in the Sun Belt region. The properties are located at 1801 Mccord Way & 4216 Sloane Street in Frisco & Carrollton, TX, and 151 Capital Avenue in Mooresville, North Carolina. The multifamily asset consists of a total of 1,031 units.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $277,200,000
• Units: 1,031
• Price per Unit (PPU): $268,865
• Buyer: AvalonBay Communities - Matt Birenbaum

AvalonBay Communities' acquisition aligns with their strategy to focus on affordable price points for better growth in the Sun Belt region. By transitioning to a net seller of apartments, the company aims to achieve operating scale and capitalize on the potential of this market.