The price of the transaction was not disclosed.
This is the second property that the company has in the area, as Kislak also owns McKinney Uptown Apartments, located at 3324 McKinney Ave.
“Routh Street Flats is an A-plus property in a terrific location in Dallas,” Tom Bartelmo, the Kislak Organization’s president & CEO, told MHN. “We have an excellent track record in Dallas, which is a primary market for us. The acquisition of Routh Street Flats gives us growth in that market and upgrades the quality of our portfolio.”
Built in 2015 and located at 3033 Routh St., Routh Street Flats is a six-story building offering 149 one-bedroom units and 29 two-bedroom units. Interiors feature top-of-the market finishes, chef-inspired kitchens, granite countertops and designer fixtures, along with spacious 9-foot ceilings and 8-foot doors.
“The array of amenities is extensive, but a few of our favorites are the infinity pool, the rooftop terrace with spectacular city views, the state-of-the-art fitness center, and on a fun and practical note, the bike repair station,” Kislak said.
Uptown Dallas is a popular urban neighborhood, with high marks for walkability. A wide variety of employment centers, plus retail, restaurant, nightlife, arts and culture, and other leisure activities, are within easy walking distance, as is the M-Line Trolley.
According to Kislak, since Routh Street Flats is just a year old, and in great condition, the company’s immediate focus is on attention to detail and providing residents with first-class service.
With this acquisition, the Kislak portfolio now includes four multifamily communities in the Dallas/Ft. Worth market, and more than 2,000 units in properties nationwide.
Moran and Company Southwest represented the sellers in the transaction. Team Mozer with George Smith Partners arranged the acquisition financing provided by Connecticut General Life Insurance Company.
Cottonwood Residential, Kislak’s property management partner, will be responsible for day-to-day operations.