DALLAS, TX – April 24, 2019 – HFF announces it has closed the sale of Villas of Josey Ranch, a 198-unit apartment community in the Dallas-Fort Worth submarket of Carrollton, Texas.

HFF marketed the property exclusively on behalf of the seller, a partnership between Harbert Management Corporation and Balfour Beatty Communities, and procured the buyer, Domain Communities.

Villas of Josey Ranch is situated on 12.37 acres at 2050 Keller Springs Road adjacent to Jimmy Porter Park.  In addition, the community is proximate to numerous retail and entertainment options and notable economic drivers, including the Platinum Corridor, Telecom Corridor®, Legacy Business Park and CityLine.  The property’s 19 two-story buildings comprise a mix of one- and two-bedroom units averaging 849 square feet, which are 96.5 percent occupied.  Community amenities include resort-style swimming pools, outdoor picnic area with grilling stations, outdoor kitchen, 24-hour fitness center business center, direct access garages and covered parking.

The HFF investment advisory team representing the seller included senior managing directors Bill Miller and Roberto Casas, managing director Rob Key and senior director Greg Toro.

Balfour Beatty Communities, a national residential real estate investment and management company responsible for the ownership and operation of more than $6 billion in multifamily assets, announced the acquisition of the Nesbit Palisades apartment community in Alpharetta, Georgia. The property was acquired as part of a joint venture with Harbert United States Real Estate Fund VI, L.P. (“HUSREF VI”), an investment fund sponsored Harbert Management Corporation.

Balfour Beatty Communities will self-perform property management services through its Multifamily Division and will continue an in-unit renovation program and develop an exterior enhancement plan that will reposition the property within the thriving Alpharetta rental market.

"With the strength of the Alpharetta market and the proven value-add upside on this property, Nesbit Palisades is an ideal fit with our multifamily investment strategy,” said Chris Williams, president of Balfour Beatty Communities. “We look forward to welcoming this community into our portfolio and delivering our signature customer service as we look to improve the resident experience and overall asset value."