Sovereign Properties to Disrupt Apartment Housing Industry with Affordable, Luxury Amenities

First development breaks ground on $73 million apartment community
in Allen

ALLEN, Texas–(BUSINESS WIRE)–Real estate industry veteran Russ Krivor is revolutionizing the real
estate industry, again, this time building apartment communities for
individuals and families who are priced out of single-family home
ownership. Today, Krivor announced his newest venture, Sovereign
Properties
, is positioned to disrupt the multi-family space by
offering affordable price points with child-friendly amenities and
apartments to accommodate growing families. The first development is a
$73 million apartment community called Sovereign at Twin Creeks in
Allen, Texas located at 729 Junction Drive.


“Our model is a single-family lifestyle at a multi-family price point,”
said Krivor. “The U.S. is facing an affordability crisis with single
family homes. People are turning to apartments because of higher
mortgage rates and higher rents for single family homes. While they want
a reasonable entry point, they also want the kind of amenities that they
would find in a single-family home: large dining areas, extra storage
space, walk-in closets in each bedroom, and plenty of child-friendly
play areas.”

According to the 2018
4Q Marcus and Millichap Multifamily Research Market Report for DFW
,
the monthly mortgage payment for a median-priced home rose to $2,000, or
$900 above the average rental rate in DFW.

Krivor understands the need for affordable luxury firsthand. “My family
immigrated from the Ukraine when I was three years old,” he said. “I
started building apartment communities because I understand the needs of
the middle-class families who live in them. I want to give everyone a
large, comfortable living space situated near great schools, with easy
access to grocery stores, job centers, and kid-friendly activities.”

Construction is underway at Sovereign at Twin Creeks, which is expected
to open in late summer 2020. The property will feature 366 units with a
resident club house, fitness center, business lounge, resort-style pool
and other Class A amenities with a modern aesthetic. The development
will also feature a 15,000-square-foot Class A medical office building
adjacent to the community. Davis Brothers Construction is the general
contractor.

In 2008, Krivor revolutionized luxury apartment living by providing
condo-style upgrades into apartments. He was the first builder in Texas
to incorporate luxury amenities such as granite countertops, steel
appliances and walk-in closets. He has completed 5,000 units in five
markets. Now, Krivor wants to revolutionize the affordable-living space.

“Our communities have diversified income streams as they are developed
in tandem with medical office buildings, charter schools, and retail
centers to keep rental rates affordable in a constantly rising rate
environment,” Krivor said.

Sovereign at Twin Creeks is located next to Krivor’s Dolce Living Twin
Creeks apartment community that opened in 2016. Krivor has built over
2,500 apartments in the Dallas-Fort Worth metroplex during the past ten
years. For more information visit, http://sovereignprop.com/.

Contacts

Carey Marin
carey@purposemedia.biz