Exclusive: KKR, Lone Star Trade 673 Units in Metro Dallas
Rialto Capital Management originated a $118 million loan for the deal.
KKR has acquired a two-community portfolio totaling 673 units in Irving, Texas, according to Yardi Matrix information. Lone Star Funds sold the assets, namely the 286-unit Eastshore on Lake Carolyn and the 387-unit Promenade at Las Colinas.
The buyer took out a $118 million loan from Rialto Capital Management, the same data provider shows. The properties previously traded in 2020, when Lone Star Funds acquired them in two separate transactions from JPI.
Promenade at Las Colinas came online in 2020. The property is at 555 Promenade Parkway, close to several retail options. DFW International Airport is 8 miles away, while downtown Dallas is within 13 miles southeast.
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The five-story building comprises studio, one- and two-bedroom floorplans ranging between 575 and 1,515 square feet. Apartments also have private balconies or patios, while amenities include a fitness center, swimming pool, clubhouse and outdoor lounge, as well as EV charging stations.
The other community came online in 2019. Eastshore on Lake Carolyn is at 1100 Lake Carolyn Parkway, 12 miles from Downtown Dallas. The property is also within walking distance of Promenade at Las Colinas.
The building, which also rises five stories, has studio, one-, two- and three-bedroom apartments varying from 560 to 1,550 square feet. Amenities consist of two swimming pools, a clubhouse, a fitness center and a spin room.
Dallas multifamily sales remain steady
Dallas’ multifamily investment activity year-to-date as of November clocked in at $3.6 billion from the 49,104 apartments that changed hands, according to Yardi Matrix information. The total sales figure was consistent with the one registered during the same period in 2024, when 42,682 units were sold.
The metro also ranked fourth in the first half of 2025 for U.S. multifamily transaction volume and had the largest number of properties trading. One of the assets that changed hands was Kinstead McKinney, a 376-unit community that CBRE Investment Management sold in May. Kalterra Capital Partners acquired the property.
Last month, TDI sold Jefferson Cedar Ridge, a 360-unit property 14 miles from downtown Dallas. A joint venture between Ashcroft Capital and Pearlmark Real Estate Partners bought the asset and rebranded it as Birchstone Cedar Ridge.
