SPI Advisory (“SPI”), a multifamily investment firm with offices in Dallas and Austin, has announced the successful acquisition of Encore 380 Apartments, a 416-unit, Class A garden-style community in the north DFW suburb of Aubrey, centrally located between Frisco and Denton. This milestone acquisition marks SPI’s 50th investment in the Dallas-Fort Worth metroplex since its inception in 2014, solidifying the firm’s deep commitment to the region’s dynamic growth. The property, formerly known as Century 380 Apartments, was acquired as an individual asset from a larger portfolio sale. Eastdil Secured represented the seller.
Encore 380, built in 2017, enjoys a prime location in a north DFW submarket experiencing explosive growth, with a 19% population surge and a 46% increase in single-family home prices over the past five years. Encore 380 offers renters a compelling value proposition, with a rent-to-income ratio of just 13% – a significant 50% discount compared to the escalating cost of homeownership in the area. SPI plans to invest in further enhancing the resident experience by adding washers and dryers to all units, along with upgrades to the exterior, common areas, and amenities.
Situated directly along Highway 380 with excellent drive-by visibility, Encore 380 provides residents with convenient access to major retail, recreation, and employment centers, including The Shops at Legacy, Gates of Prosper, Lewisville Lake, and leading institutions like the University of North Texas and UT Southwestern. The property also stands to benefit from the planned Universal Studios development, a major entertainment anchor poised to further elevate the region’s appeal. With an average household income of $127,000 within a one-mile radius and its location within the highly-rated Denton ISD (A-rated), Encore 380 is ideally positioned to attract discerning renters seeking a premium lifestyle.
Encore 380 represents an investment opportunity at an attractive basis, combining affordability with significant upside potential in a rapidly growing submarket with a tapering supply pipeline. Only 450 units are currently under construction within a three-mile radius, further underscoring the property’s attractive value proposition relative to both newer multifamily developments and the escalating costs of homeownership.
“This acquisition underscores our strategic focus on high-growth submarkets where we can deliver exceptional value to both our residents and investors, said Michael Becker, SPI principal and co-founder in a statement. “Encore 380 embodies the type of high-quality asset we seek to add to our portfolio.”
“As the Dallas-Fort Worth market continues its remarkable expansion, properties like Encore 380 offer an ideal blend of location, affordability, and desirable amenities,” added Sean Mabarak, SPI principal and co-founder. “We are excited to build on this property’s existing strengths and further enhance its appeal to the growing renter base in the region.”
With this latest acquisition, SPI Advisory’s portfolio now encompasses over 4,250 units in the Dallas-Fort Worth areas and approximately 8,000 units across Texas.
