Chicago Investor Buys Dallas Apartments
Waterton acquired South Side Flats, a 288-unit community that offers a mix of studio, one- and two-bedroom apartments. The deal marks the company's third multifamily acquisition in 2017.
By Dees Stribling
Waterton acquired South Side Flats, a 288-unit community at 1210 S. Lamar St. in the Cedars neighborhood of Dallas, which is south of the city’s CBD. The property counts as transit-oriented, since it features a dedicated walkway to the Cedars DART (Dallas Area Rapid Transit) station, which serves the system’s Red and Blue lines.
South Side Flats consists of two four-story residential buildings connected by a five-story parking deck. Completed in 2016, the property offers a mix of studio, one- and two-bedroom units.
Common amenities include a rooftop skyline lounge with fireplace and grill, courtyard with hand-painted artwork, outdoor swimming pool with sun deck, 24-hour fitness center with yoga studio, resident club room and a business center. The property also features 1,788 square feet of ground-floor retail space.
The buyer noted that there are improvements to be made to the property, especially new smart-home tech. “Although South Side Flats is a newly constructed community, we view the installation of smart-home technology as a way to help South Side Flats compete with other newly constructed communities nearby,” said Matthew Masinter, senior vice president of acquisitions at Waterton.
The South Side Flats deal, which involved an unspecified purchase price, marks Chicago-based Waterton’s third multifamily acquisition in 2017. The firm owns and manages four other rental communities in Texas, including two in the DFW metropolitan area, totaling nearly 1,750 units.
Image courtesy of Waterton