Brazos Residential, LLC, a Dallas-based real estate private investment firm specializing in multifamily investments, announces the acquisition of two properties in Rocky Mount and Fayetteville, NC, marking the firm’s thirteenth and fourteenth transactions in 2022, respectively.
In Rocky Mount, the firm acquired the Jefferies Cove Apartments, a 152-unit community built in 1987, with an average unit size of 1,066 sq. ft. Brazos purchased the asset from the original developer and was particularly drawn to the opportunity due to its proximity to an existing portfolio property that has performed exceptionally well.
“Jefferies Cove is located a half a mile from our Rosewood community that we purchased earlier this year,” explains James Roberts, Managing Partner, and Cofounder. “Rosewood is of similar vintage to Jefferies Cove and was also purchased from its original developer. Since we acquired it in April, the property has continually exceeded pro forma. We are confident that Jefferies Cove presents a comparable opportunity for our investors.”
In Fayetteville, Brazos purchased the Briarwood Apartments, a 273-unit complex that was built in 1970. The property is in very close proximity to Cape Fear Medical Center, the 9th largest medical system in North Carolina, which contains nearly 1,000 beds and employs over 7,000 people, and marks the firm’s fourth acquisition in Fayetteville, NC.
“Brazos now holds over 700 units in Fayetteville,” explains Blake Shannon, Chief Investment Officer. “By emulating the success of our other Fayetteville properties, we are excited to capitalize on Briarwood’s operational inefficiencies to reposition the asset and maximize returns to our investor partners.”
Founded in 2022, Brazos Residential owns, operates, and manages multifamily real estate assets for institutional and high-net-worth investors across the country. Brazos holds over 2,500 multifamily units across the American Sun Belt, predominately in Texas and North Carolina. The firm employs a dynamic team of real estate, private equity, accounting, and capital market professionals and controls over $307 million in multifamily real estate investments.