KKR Expands in Central Dallas
The decade-old community traded as the city continues to see rising investment momentum.
KKR has purchased The Fairmount at Oak Lawn, a 368-unit multifamily property in Dallas, according to Yardi Matrix.
Cortland sold the Class A building. The buyer also secured a $71.3 million loan from Ares Management, the same source shows.
Completed in 2015, The Fairmount at Oak Lawn is at 4210 Fairmount St., close to interstates 34 East, 45 and 30. Downtown Dallas is 3 miles away, while the city’s international airport is within 15 miles.
The Fairmount at Oak Lawn is a five-story residential building with one- and two-bedroom floorplans averaging 833 square feet. Units feature walk-in closets and patios or balconies.
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Amenities at the pet-friendly property include a swimming pool with sundeck, a lounge area with kitchen, a fitness center with yoga studio, a business center, bike storage space, 700 parking spots and EV charging stations. Additionally, the property also has a dog park, an outdoor kitchen with grilling stations and fire pits, along with outdoor storage spaces.
Dallas multifamily sales activity picks up
Year-to-date as of August, Dallas’ multifamily transactions volume comprised 99 multifamily properties encompassing 26,498 units changing ownership, Yardi Matrix data shows. This marks a considerable increase from the 83 assets—19,385 apartments—that traded during the same time frame of the previous year.
Last month, Millburn & Co. picked up Mason + Mill, a 349-unit property in Mansfield, Texas, in a deal brokered by Institutional Property Advisors. JLB Partners sold the asset that came online last year.
In another recent transaction, a joint venture between SPI Advisory and FCP purchased a 600-unit property in Lewisville, Texas, in an off-market deal.
