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.