The Connor Group, a real estate investment firm based in Ohio, last week expanded its Dallas-Fort Worth portfolio by more than 300 units with the addition of Knightsbridge Apartments.
The company purchased the property, located in Las Colinas, for $27.5 million. In the last five and half years it has purchased nine luxury apartment communities in the Metroplex – transactions totaling approximately $200 million.
“We’ve been big believers in the Metroplex for years,” said Larry Connor, the company’s managing partner. “That’s why we entered the market in 2005 and why we continue to be very bullish about the long-term growth prospects for the Dallas-Fort Worth area.”
The Connor Group’s current Dallas-Fort Worth portfolio stands at eight properties, which it owns and operates.
Knightsbridge was built in 1996 and has 308 units.
Days after the Knightsbridge acquisition, the company closed its ninth investment fund to subscribers. It had intended to raise $35 million from investors, but closed the fund with more than $43 million invested. The money likely will fund six to seven property acquisitions in 2011.
The Connor Group started in Dayton, Ohio in 1991 with $400,000 to purchase three apartment communities. The company has grown through a series of well-planned acquisitions and now owns $1.4 billion in assets. It specializes in high-end luxury apartment communities and has more than 16,500 units in six markets.
