Encore Enterprises Closes $108.3 Million in Q42023 Multifamily Sales
Sale of Encore Rise in Conroe, Texas and Encore Metro at Millenia in Orlando, Fla. tops $1.2 billion in total realized transactions for Encore Multifamily
DALLAS – Feb. 7, 2024 – Dallas-based developer Encore Enterprises’ multifamily subsidiary closed out a strong Q42023 with $108.3 million in sales for two properties, Encore Rise, a 241,909 square-foot, 256-unit Class A garden style apartment community set on 12.82 acres in Conroe, Texas and Encore Metro at Millenia, a 245,378 square-foot, 215-unit, three-story Class A apartment community in Orlando, Fla. These transactions push Encore Multifamily past $1.2 billion in realized sales since its inception in 2008.
“Despite decreased deal activity across the Multifamily sector, the successful sales of Encore Rise and Encore Metro at Millenia underscore the enduring appeal of meticulously developed properties in premium locations,” said Charlie Keels, president of Encore Multifamily. “Our elite team employs a disciplined, research-driven approach to vetting each potential development before committing capital, ensuring that our properties are resilient and well positioned to thrive across market cycles.”
Encore Rise
Situated 40 miles north of Houston in Conroe, Texas, Encore Rise was completed in 2022, and is located at 800 N Farm to Market 3083 W. The apartment community was 95% leased at sale and features four three-story residential buildings with one, two and three-bedroom units ranging from 619-1,323 square feet. The well-appointed residences feature contemporary interiors, wood-style plank flooring, gourmet kitchens with granite countertops and stainless steel appliances, full-sized washer and dryers and faux wood blinds. Onsite amenities include a clubhouse, fitness center, business center, resort-style pool, dog park and a variety of walking paths. Conroe is the fastest-growing city in Texas and is bordered by 22,000-acre Lake Conroe, Sam Houston National Forest and Goodrich Jones State Forest. Beyond being an outdoor utopia, Conroe was designated a “Music Friendly Community” by the State of Texas and has a vibrant downtown with shopping, theaters and breweries.
Encore Metro at Millenia
Completed in 2022 and located at 2437 Americana Blvd., in Orlando’s thriving Park Central area five miles outside downtown, Encore Metro at Millenia was 97% leased at sale. The three-story naturesque property comprises well-appointed studios, one-bedroom and two-bedroom units, ranging from 613-1,177 square feet. The modern residences feature premium stainless steel appliances, wood-style flooring and screened-in porches. Property amenities include a clubhouse, business hub, cyber cafe, pool, barbeque area and access to nearby jogging trails. A 10-mile drive from Orlando International Airport, the property is within walking distance to three shopping centers and is within six miles of five parks, Clear Lake Park, Cypress Grove Park, Lorna Doone Park, Delaney Park and Fort Gatlin Recreation Complex. Three Valencia Community College campuses and Everest University also are within a 10-mile commute.
About Encore Enterprises, Inc.
Founded in 1999, Encore Enterprises, Inc. (Encore) is a vertically integrated, diversified investment firm based in Dallas. Since inception, Encore has completed over 150 commercial real estate transactions valued at $3.7 billion, with $1.6 billion current AUM across 32 states. Focusing on opportunistic and value-add strategies in non-gateway markets throughout the U.S., Encore develops, acquires and manages mixed-use retail centers, multifamily apartment developments, limited and full-service hotels, commercial office buildings and Veterans’ administration medical office centers. Encore also acquires operating companies in the medical, dental and restaurant industries as part of its sustainable investment model. Encore boasts one of the best 20-year track records in the industry, underscoring the firm’s focus on operational stability, prioritization of capital preservation and strength across market cycles. Encore investment offerings are available through Ignite Investments, a wholly-owned subsidiary and the exclusive capital-raising partner for Encore Enterprises. To learn more, visit https://encore.bz.
About Encore Multifamily
Established in 2008, Encore Multi-Family, LLC (Encore Multifamily), a wholly-owned subsidiary of Encore Enterprises, Inc., is a fullscale multifamily developer focused on both ground-up developments and value-add acquisitions in mixed-use and urban infill communities. Since its inception, Encore Multifamily has transacted on 49 deals representing approximately $2 billion in assets. Its dedicated team of sector experts has overseen the acquisition, repositioning and development of more than 10,000 multifamily units.
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