Keyway Acquires Second Dallas-Area Community

The company has made its second purchase in the Dallas area, acquiring the 41-unit Shelby Apartments in Oak Lawn, Texas.

The project is located outside Dallas. Image by Sean Pavone via iStockphoto.com

Keyway has acquired The Shelby Apartments in Oak Lawn, Texas, from an undisclosed seller.

The garden-style complex, located outside Dallas, offers 41 units and was built with a dog park, two courtyards and private parking. The one- and two-bedroom apartments average 550 square feet. A less-than-ten minute dive north of downtown Dallas, the Oak Lawn submarket features a live-work-play lifestyle with many retail and restaurant options. Keyway plans to modernize the community’s interiors and amenities, while keeping the property affordable.

According to Colliers’ 2022 fourth quarter report for the Dallas-Fort Worth multifamily market, rent growth in Dallas-Fort Worth is softening but still trending above the pre-pandemic norms with stabilized vacancy rates. The market’s occupancy rate is down to 94.1 percent from 95 percent in the third quarter of the year, as well as from 97.1 percent in the fourth quarter of 2021. However, average rents in Dallas-Fort Worth made a significant jump to $1,534 from the $1,388 average rent in 2021’s fourth quarter and stayed on pace with the third quarter of 2022. The Colliers report noted that rents are expected to continue growing, along with the market’s occupancy rate.

Opportunities in the Sunbelt States

Matias Recchia, CEO & co-founder of Keyway, said in prepared remarks that the acquisition of The Shelby Apartments was an example of the unique opportunities within the Sunbelt region’s multifamily market. The Shelby Apartments acquisition represents Keyway’s second in multifamily, following the purchase of the 157-unit Lakeside on Spring Valley apartment community in Richardson, Texas, in November.

For Keyway, these acquisitions are part of the company’s mission to simplify small-scale commercial real estate transactions. The company’s platform offers a way to streamline these transactions for both buyers and sellers and has raised more than $40 million from venture capital firms. Keyway’s platform focuses on transactions that are less than $25 million in value.

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