Hilltop Residential is pleased to announce the acquisition of Aveline at Centreport (formerly Dayrise at Centreport), a 344-unit, Class-A garden-style multifamily community located in the Hurst/Euless/Bedford submarket of Fort Worth, TX. Built in 2012, the property is zoned to the highly rated Hurst-Euless-Bedford ISD and offers residents convenient access to Dallas/Fort Worth International Airport (DFW) and the Las Colinas employment corridor, with top area employers including American Airlines, Amazon, and Envoy Air.
Hilltop acquired the asset at an attractive discount, approximately 20% below the seller's prior acquisition price. The business plan includes increasing operational efficiencies by transitioning to Hilltop's in-house property management platform, implementing a comprehensive renovation program that includes upgraded unit interiors featuring quartz countertops, refreshed cabinetry, and in-unit washer/dryer installations, as well as a $1.25 million enhancement to the exterior and amenities.
With no new multifamily properties under construction within a three-mile radius and strong, resilient demand from nearby aviation, logistics, and financial services employers, Aveline at Centreport is well-positioned to benefit from rent growth in a favorable fundamental environment.
About Hilltop Residential
Headquartered in Houston, Hilltop Residential is a vertically integrated multifamily real estate investment and management company. Since its inception in 2017, Hilltop Residential has acquired 61 apartment communities and currently owns and manages 47 communities totaling ~13,700 units.