LaSalle Investment Management Acquires Dallas Property
- Feb 27, 2019
LaSalle Investment Management’s LaSalle Income & Growth Fund VII has acquired Rienzi at Turtle Creek in Dallas, Texas. The 152-unit high-rise rental community is situated in the affluent Turtle Creek submarket of Dallas.
Located at 3500 Fairmount St., the 2001-built property features 1,300-square-foot floor plans. Residences also offer 10- to 12-foot-high ceilings, extra-large walk-in closets, granite countertops, recessed lighting, hardwood flooring and crown molding. The majority of units have balconies.
Community amenities include a swimming pool and spa, fully-equipped 24-hour fitness center, garden terrace with grilling area, on-site dog park, concierge services, controlled garage access and valet parking.
“Rienzi at Turtle Creek aligns well with the investment strategy of our U.S. value-add fund series, and we’re thrilled to add this property to the Fund VII portfolio,” said Joe Munoz, chief investment officer for LaSalle’s Income & Growth Funds. “This transaction offers a compelling opportunity for us to acquire a well-located, high-quality multifamily asset at a discount to replacement cost and execute a thoughtful capital improvement plan to realize upside potential.”
The location of Rienzi at Turtle Creek puts residents in close proximity to prominent job hubs that include Uptown and Downtown Dallas, the Medical District, Baylor University Medical Center and Dallas Love Field. The community is also conveniently located to nightlife and shopping, including Reverchon Park, Knox Henderson and The Shops at Park Lane.
One neighborhood away, the Uptown enclave has witnessed substantial development in recent years. It has added 2.3 million square feet in office development slated for delivery by 2020. This development has in turn attracted new shopping and dining amenities.
“Rienzi at Turtle Creek was particularly attractive to us in that it was originally constructed as a condominium, offering condo-level finishes and amenities at competitive rental rates,” said Summit Walia, LaSalle’s managing director of acquisitions. “By addressing deferred maintenance and completing renovations to the common areas and unit interiors, we believe we can deliver a desirable product that drives rent growth while offering rates that represent a significant discount to those at comparable new construction high rises in the area.”
Booming Job Market
The Dallas-Fort Worth Metroplex has a population of 7.4 million and enjoys robust job growth, having added nearly 110,000 jobs in the 12 months ending in October 2018. The Metroplex scored a 6.3 percent increase in its gross metro product from 2016 to 2017.
Additionally, the metro is home to a number of Fortune 500 companies, including Exxon Mobil, American Airlines, AT&T, Tenet Healthcare, Southwest Airlines, Kimberly-Clark, Texas Instruments, D.R. Horton, Dean Foods and Dr Pepper Snapple, among other firms.
The Dallas multifamily market is characterized by consistent demand for high-quality product, due to its large population, sustained job growth and substantial large corporate presence.
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