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Toronto, Ontario September, 2011 Villabar Real Estate Inc, Toronto, Ontario is pleased to announce the purchase on August 23, 2011 of the Belmont at Duck Creek Apartment project in Garland, Texas a suburb of Dallas. This acquisition marks the firm's first acquisition of a multi-unit residential property in the State of Texas. Company president Ronald A. Medoff, C.A. stated "After a year of research and property reviews, Villabar has found an area and a specific project which meets its investment criteria". Villabar will continue to focus on the acquisition of well-located residential apartment projects in the State of Texas. The Belmont at Duck Creek Apartment project is located at 6202 Duck Creek Drive in Garland. This 10-year old project is located minutes away from major freeways and interstate highways and is in walking distance from the neighbourhood DART Park and Ride. The property, which is situated on a 13.5 acre site, has 11 buildings and consists of 240 apartment units (with a mix of 1, 2 and 3 bedroom units). The project has ample parking with over 500 total spaces including 290 covered parking spaces and 50 garages. Children living in the complex are able to attend school in the Garland Independent School District, which is an award-winning school district. The Belmont at Duck Creek Apartment Project offers apartment living at its best. The relaxed, and friendly atmosphere combined with the wide range of offered amenities provides for an inviting ambiance and an idyllic place of residence. The day to day operation of the apartment complex is managed by Westdale Asset Management Ltd., who currently oversee in excess of 28,000 units in the State of Texas. At the time of acquisition the project was 95% occupied. Complete details of the property can be viewed at www.thebelmontatduckcreek.com About the Villabar Group: Founded in 1984, the Villabar Group is a privately-held, diversified real estate investment company. Villabar has focused its investment expertise exclusively on existing operating projects with stable cash flow. Villabar has been involved in a variety of projects in Canada and the United States amounting to investments of in excess of $950,000,000. More specifically these acquisitions have included rental and condominium multi-unit residential projects, retirement homes, commercial plazas and a full-service hotel. |