RCP ACQUIRES PROPERTY FOR REDEVELOPMENT
DALLAS — Realty Capital Partners (RCP) has acquired an 8-acre property containing two office buildings in the Southwestern Medical District of Dallas for redevelopment. The two buildings total 125,000 square feet; one of the buildings will be demolished to make way for a new multifamily development, while the other 30,000-square-foot building will be preserved. RCP will subsequently develop a 300-unit, Class A apartment community on the property. For the transaction, RCP formed RCP Medical District Urban Living Ltd, a limited partnership designed to provide equity for the purchase of the property. The seller was not disclosed.