The 2002-built property sits on 10.5 acres and features 11 buildings with a mix of one- to three-bedroom floor plans. Managing Partner Dan Chamberlain pointed to the area’s favorable demographics, noting a median household income of roughly $117,000 and a crime rate significantly lower than the Texas average. These factors, combined with a lack of new development nearby, create a stable environment for long-term rental demand.

Transaction Manager Darci Poole confirmed the firm secured the asset below replacement costs and appraisal values. The deal was backed by low-leverage, fixed-rate financing through Freddie Mac, arranged by Berkadia’s Cutt Ableson and Patrick Hickey. RPM Living will handle on-site operations for the community, which includes amenities such as resort-style pool access, private garages, and fitness facilities. With this move, 37th Parallel rounds out a portfolio that spans growth markets in Austin, Atlanta, and Charlotte.