MBP Capital to Renovate Apartment Complex in Metro Dallas

RICHARDSON, TEXAS — MBP Capital Inc. has purchased Frances Way Villas in Richardson. The Class B multifamily property includes 200 units with an average size of 968 square feet. The majority of units include two or three bedrooms. The property will be rebranded as “The Beverly” and will undergo a $2.5 to $2.7 million renovation, averaging about $12,000 per unit. Renovations will include new signage, a fully remodeled office, security gates, fitness center, sand volleyball pit, splash pad, dog park, patio and balcony cedar fencing. The interiors will also be renovated with the addition of washer and dryer connections, new paint, black appliances, wood-style flooring, new cabinetry and brushed nickel fixtures. The MBP team includes Mike Phillips, Ryan Heddleston, Cathy Finn and Mark Christ. A new DART rail line is located less than two miles away from Frances Way Villas. The property is also near the new CityLine mixed-use development, which when complete will house 12,800 employees.