MBP Capital, Inc. acquired The Beverly (FKA Frances Way) in March 2016 as a value-add investment located in the strong sub-market of Richardson, TX. The property is located in close proximity to the CityLine Development in Richardson which will house a new State Farm office employing over 8,000 people. At full build out, CityLine is set to have over 4 million square feet of office, multifamily, hospitality and retail and a stop on the Dallas Area Rapid Transit train system.
MBP Capital hired their subsidiary, Catalyst Multifamily Management, as the property management company. Catalyst will oversee the $2,300,000 ($11,500 per unit) renovation that will take the property from a B- Class asset to a B+ Class asset. The renovation will include: full interior upgrade including kitchen appliance packages, installing a playground, office remodel, upgrading the pool area, installing new roofs and siding, new signage and much more. Less than three months into the project, The Beverly is already out performing the original pro forma rents.