Belgium Family Offices Buy 374-Unit Irving Apartment Complex for Value-Add Play

Baltisse and Peruna partnered with RPM Living to acquire the lakefront property near Dallas-Fort Worth Airport, targeting transit-oriented multifamily at a discount to replacement cost.

By the Family Office Real Estate Daily Desk·Wednesday, September 16, 2026·2 min read

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Which Belgium family offices bought the Irving, Texas apartment complex and what is their value-add plan?

Baltisse and Peruna, both Belgium-based family offices, partnered with RPM Living to acquire The Louis Las Colinas, a 374-unit apartment community in Irving, Texas, formerly known as The Crest at Las Colinas. The deal marks Baltisse U.S. Real Estate's second U.S. multifamily acquisition in recent months, following a 298-unit purchase in Charlotte. The partners plan a comprehensive capital improvement program targeting value-add repositioning at a discount to replacement cost.

Key facts

Baltisse and Peruna, both Belgium-based family offices, acquired The Louis Las Colinas, a 374-unit apartment community in Irving, Texas, in partnership with RPM Living, according to a September 11, 2026 announcement.
The property, formerly known as The Crest at Las Colinas, has been rebranded as The Louis Las Colinas and will undergo a comprehensive capital improvement program including refreshed amenity spaces, exterior enhancements and upgraded apartment interiors.
The Louis Las Colinas is a five-story community along Lake Carolyn in the Las Colinas Urban Center, offering studio, one- and two-bedroom residences ranging from approximately 600 to 1,500 square feet.
The property is adjacent to the Las Colinas Urban Center DART station, providing residents with direct rail access to DFW International Airport and downtown Dallas, according to the announcement.
Andrew Lohrfink, President of U.S. Real Estate for Baltisse, said The Louis Las Colinas fits within Baltisse U.S. Real Estate's focus on acquiring infill apartment communities at significant discounts to replacement cost.
RPM Living is ranked number 4 on the NMHC Top 50 Largest Apartment Manager list, managing more than 241,000 units across more than 50 markets, with an owned portfolio valued at more than $8 billion.

Belgium Family Offices Buy 374-Unit Irving Apartment Complex for Value-Add Play — Image: editorial illustration · Story sourced from Finance Yahoo / Business Wire

Baltisse and Peruna, both Belgium-based family offices, acquired a 374-unit apartment community in Irving, Texas, in partnership with RPM Living. The property, formerly known as The Crest at Las Colinas, has been rebranded as The Louis Las Colinas and will undergo a comprehensive capital improvement program.

The five-story community sits along Lake Carolyn in the Las Colinas Urban Center, offering studio, one- and two-bedroom residences ranging from approximately 600 to 1,500 square feet. The property is adjacent to the Las Colinas Urban Center DART station, providing residents with direct rail access to DFW International Airport and downtown Dallas.

The acquisition represents Baltisse U.S. Real Estate's second U.S. multifamily investment in recent months, following the purchase of The Carson, a 298-unit apartment community in Charlotte's South End submarket. Both transactions highlight the firm's value-add strategy of acquiring well-located infill apartment communities at significant discounts to replacement cost, the firm said.

The property is located near several major regional employers, including Wells Fargo, McKesson, Caterpillar and Kimberly-Clark, as well as destinations including Toyota Music Factory and the Irving Convention Center. The community is surrounded by a growing collection of restaurants and retail options within the Las Colinas Urban Center.

The partners plan to upgrade amenity spaces, enhance the exterior and improve apartment interiors. Existing amenities include a resort-style pool, landscaped courtyard and Zen Garden, resident lounge, fitness center and co-working space.

"The Louis Las Colinas fits squarely within Baltisse U.S. Real Estate's focus on investing in high-quality, well-located infill apartment communities at significant discounts to replacement cost," said Andrew Lohrfink, President of U.S. Real Estate for Baltisse. "We are particularly focused on opportunities in high-growth markets where strong underlying fundamentals, combined with strategic asset repositioning, provide opportunities to unlock additional value."

"The Louis Las Colinas represents an important step in Peruna's continued international expansion," said Eveline Vereecke, Co-CEO of Peruna. "We have strong conviction in the long-term fundamentals of the U.S. multifamily market, particularly in dynamic and growing markets such as Dallas-Fort Worth." Jose Blanc, Senior Vice President of Investments for RPM Living, said the property's transit-oriented location and proximity to major employers make it a compelling opportunity.

The Deployment Angle

Family Office Real Estate Daily Desk · our analysis, not the source's

The Irving acquisition offers a template for family offices seeking multifamily exposure without LP lockup or asset-manager discretion. Direct co-GP alongside an operating partner like RPM Living preserves control over capital deployment timing and exit optionality while outsourcing day-to-day property management and local market intelligence. This structure suits principals who want programmatic multifamily exposure but resist blind-pool commitments.

Baltisse's repeat reference to discounts to replacement cost signals the underwriting anchor. In Dallas-Fort Worth, where new Class A construction runs roughly $250,000 to $300,000 per unit depending on submarket and finish level, a 374-unit property acquired below that threshold carries downside protection even if rent growth disappoints. Family offices should pressure-test the basis against recent comparable sales in Las Colinas and model the capital improvement budget as a percentage of total project cost to confirm the all-in basis remains defensive.

Transit orientation matters more in a correction than in an expansion. The DART adjacency and airport access reduce tenant turnover during economic slowdowns, when employment mobility increases and residents prioritize commute flexibility. Underwrite this as a volatility dampener rather than a rent-growth catalyst. Model worst-case occupancy at 88 percent to 90 percent rather than the 94 percent to 96 percent typical for suburban garden-style product, and confirm that debt service coverage holds above 1.25 times at those stress levels.

Avoid over-indexing to employer concentration risk. Wells Fargo, McKesson, Caterpillar and Kimberly-Clark provide demand stability, but corporate real estate strategies shift quickly. A family office considering a similar play should confirm that no single employer accounts for more than 15 percent to 20 percent of submarket absorption, and should model rent growth conservatively if the top three employers represent more than half of nearby office inventory.

Questions this story answers

01What is Baltisse's investment strategy in the U.S. multifamily market?

Andrew Lohrfink, President of U.S. Real Estate for Baltisse, said the firm focuses on investing in high-quality, well-located infill apartment communities at significant discounts to replacement cost. Baltisse U.S. Real Estate targets value-add multifamily and industrial investments in high-growth markets, using a flexible capital mandate and active ownership approach to unlock additional value.

02Is this Baltisse's first U.S. real estate deal?

No. The Louis Las Colinas acquisition marks Baltisse U.S. Real Estate's second U.S. multifamily investment in recent months. The first was The Carson, a 298-unit apartment community in Charlotte's South End submarket, according to the announcement.

03Who are the major employers near The Louis Las Colinas in Irving, Texas?

According to the announcement, major employers near The Louis Las Colinas include Wells Fargo, McKesson, Caterpillar and Kimberly-Clark. The property is also near Toyota Music Factory and the Irving Convention Center within the Las Colinas Urban Center.

04What is Peruna and why is it investing in U.S. real estate?

Peruna is the family office of the Clarebout family, managing permanent family capital with a long-term and partnership-driven approach. Eveline Vereecke, Co-CEO of Peruna, said the investment in The Louis Las Colinas represents an important step in Peruna's continued international expansion, reflecting strong conviction in the long-term fundamentals of the U.S. multifamily market.

05What improvements are planned for The Louis Las Colinas after acquisition?

According to the announcement, the value-add business plan includes refreshed amenity spaces, exterior enhancements and upgraded apartment interiors. The partners said the improvements are intended to further differentiate The Louis Las Colinas within the Las Colinas market and enhance the resident experience.

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Original reporting

Finance Yahoo / Business Wire

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