A Miami Twp.-based real estate investment company, The Connor Group, closed a deal Tuesday that will pay it $61.8 million for Marabella, a 415-unit luxury apartment complex in the Las Colinas submarket of Irving, Texas.
The investment firm first purchased the community in 2016 for $51.9 million and operated it until Tuesday’s sale, the company said in an announcement Wednesday.
The team was able to increase the annual revenue by $1.3 million in less than three years of ownership.
The Connor Group finds promising apartment properties that company leaders believe are poised for future appreciation. They acquire the properties, focus on customer service and improvements, then sell them when the time is right.
The business completed its first transaction of 2019 in January with the $42 million sale of Lenox at Patterson Place in Durham, N.C.
The company plans to complete $2.2 billion in transactions annually by 2022.