Magnolia Grove Apartments offers studio, one-, two-, and three-bedroom apartment homes with spacious living areas, generous storage space, wood-inspired flooring, pendant lighting, walk-in showers, faux-wood blinds, a full-size washer and dryer, personal outdoor patio or gated yard, and a variety of other modern finishes. Community amenities include a state-of-the-art fitness center, resort-style swimming pool, a dog park and dog spa, indoor/outdoor recreation room, sand volleyball court, firepits, nitro cold brew coffee station, fully-equipped business center, gaming/sports centers, media room, BBQ grilling stations, and playground. For convenience, the property offers privacy access gates, valet trash service, and package lockers.
Fund II acquired Magnolia Grove in January 2022 as its second asset. Magnolia Grove is located 30 minutes to the east of Dallas in the MSA’s path of growth. Through StoneRiver Property Management’s hands-on property management, StoneRiver identified Magnolia Grove as an opportunity to raise rents as it turns over the developer’s initial rent roll. The property benefits from a growing employment base and strong resident demographics. By capitalizing on improved property management and the strong submarket’s rent growth, low vacancy rates, and attractive employment environment, StoneRiver hopes to deliver consistent quarterly distributions from Magnolia Grove during Fund II’s ownership period.
Luxury Suburban, Garden Style Apartments
# of Units
Attractive Location – Magnolia Grove is located in a pocket of growth within the Dallas MSA, surrounded by newly developed restaurants and retail and several employment centers.
Improvement Management – StoneRiver Property Management seeks to push rents as it turns over the developer’s initial rent roll and increase ancillary revenue from pet yards and other initiatives.
Physical Asset Quality – Magnolia Grove offers a well-built community with functional floor plans. The property was constructed in 2021 by a reputable developer.
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