SPI Energy Co. Acquires Crest Manor Apartments, Strengthening Texas Multifamily Investment Portfolio
- SPI Advisory, in partnership with FCP, acquires Crest Manor Apartments, a 600-unit community in Lewisville, Texas.
- The acquisition follows over five years of negotiations, emphasizing SPI's commitment to quality multifamily investments.
- SPI plans to enhance Crest Manor's value through upgrades while maintaining its established community charm.
SPI Advisory Secures Crest Manor Apartments: A Strategic Move in Multifamily Investment
SPI Advisory, in collaboration with FCP, successfully acquires Crest Manor Apartments, a significant 600-unit multifamily community located in Lewisville, Texas. This acquisition represents a noteworthy milestone for SPI following more than five years of negotiations with the original developer and seller. Crest Manor, developed in two phases in 2010 and 2016, provides residents with a resort-style living experience. The community features an array of amenities, including two swimming pools, a clubhouse, a fitness center, tennis courts, and scenic walking trails, all within spacious one-, two-, and three-bedroom layouts that average 933 square feet.
Sean Mabarak, Principal and Co-Founder at SPI, underscores the exceptional design and quality of Crest Manor, indicating that these attributes will lead to reduced capital expenditures over the long term. The acquisition is strategically facilitated through the assumption of long-term HUD financing, which boasts a favorable blended interest rate of 3.6% with over 30 years remaining. This financial structure lays a solid foundation for the asset's long-term performance, allowing SPI and FCP to focus on enhancing the property's value through planned upgrades to amenity offerings and modernization of unit interiors while preserving the community's established charm.
Michael Becker, another key figure in the acquisition, expresses enthusiasm about the generational nature of Crest Manor. He highlights the challenges overcome during the capital market and escrow process, emphasizing the asset's unique qualities that make it a valuable addition to SPI's portfolio. Founded in 2014, SPI Advisory operates as a Texas-based multifamily private equity firm, specializing in high-yield, tax-efficient real estate investments. The firm's strategy includes forming tailored joint venture partnerships and providing democratized passive investing opportunities in institutional-quality assets across Texas, thereby appealing to a broad client base.
As SPI Advisory moves forward with the acquisition, the firm encourages potential investors to visit their website for more information about upcoming investment opportunities. With the successful integration of Crest Manor into their portfolio, SPI Advisory is poised to enhance its presence in the Texas multifamily market while delivering value to both residents and investors alike.
