July 2019 Founders Grove Capital Newsletter
We closed MacAthur Place Apartments, a 548 unit complex in Irving, TX on Friday June 21st, bringing our portfolio to just over 3,400 units valued at $366M. In addition to our recent acquisition, Founders Grove Capital has identified Highlands of Preston for acquisition. The asset is a 380-unit property that was built in 1985. Highland of Preston is located in the highly prestigious submarket of Plano, TX. Plano is within the highest job growth corridor in the DFW Metroplex and has some of the most desirable school districts in the state and nation. Founders Grove Capital is focused on acquiring the best, most promising multifamily investment opportunities in Texas and Florida. The demand for multifamily investments is as competitive as it’s ever been and rightly so, thanks to tremendous population growth and new job creation in the markets we are focused on acquisition. We will continue to seek out the very best opportunities leveraging our institutional relationships with owners and brokers.
Texas’ unemployment rate fell once again in April as the state created more jobs year over year than any other state. The state’s workforce has found itself back at a 3.7% unemployment rate, equaling the record low set in late 2018, according to the latest data released by the Texas Workforce Commission.
Just one year ago, Texas unemployment was at 4.1%. The state added 28,900 jobs in April, marking the 108th consecutive month of job growth in Texas. And 283,000 jobs were added year over year through April, clocking a growth of 2.7%. Texas job growth has been above 2% for the last two years, according to TWC. “We had a very robust jobs number in April,” said Pia Orrenius, vice president and senior economist at the Federal Reserve Bank of Dallas.