Roseview WinnResidential Fund I Acquires The Trails at River Park
- Apr 30, 2014
Arlington, Texas—Roseview WinnResidential Fund I, established by national real estate development and property management company WinnCompanies, in conjunction with private real estate investment and advisory firm The Roseview Group, has made its first acquisition.
The fund has acquired The Trails at River Park, a 34-year-old, 420-unit, 23-building Arlington, Texas, garden-style apartment community. The opportunity to create value through operational improvements, unit enhancements and the provision of a top-tier amenity package convinced The Roseview Group and WinnCompanies to acquire the property through the fund.
The Trails at River Park will be repositioned as top in its class. Clubhouse, pool and building exterior enhancements, as well as addition of a fitness center and dog park, are scheduled for completion by end of year. The interiors of more than 300 apartment homes will be renovated over the next three years.
“The Dallas market and Texas in general have always been areas we wanted to focus upon growing, given our presence with military housing operations and our expansion from the East Coast,” Brett Meringoff, vice president with Boston-based WinnCompanies, tells MHN. “We saw Texas as a sizable market in which to grow. We think that fundamentally, it’s very strong, and will be complementary to our already existing military housing operations in Texas.”
The property itself, as well as its environs, also holds appeal. “We see it as a stable community with great access to jobs, retail and recreational amenities,” Meringoff says. “The property’s direct access to River Legacy Park puts it at a relative advantage vis-à-vis its competitive set. And the property is of 1970s vintage, with many opportunities for redevelopment and repositioning.”
Each apartment at The Trails at River Park features a wood-burning fireplace, pass-through bar, walk-in closet, private patio or balcony, washer/dryer hookups and private storage. The amenity package features a swimming pool, multi-purpose sports/tennis court, picnic area, sand volleyball court, laundry center, leasing office and covered parking.
Chief among the attributes of The Trails at River Park is convenience to a number of destinations within Dallas-Fort Worth’s Metroplex. Dallas-Fort Worth International Airport is just 20 minutes from the property. As well, entertainment venues including new AT&T Stadium, the Ballpark at Arlington, Six Flags over Texas and Hurricane Harbor Water Park are also short distances away.
As noted by Meringoff, residents savor the opportunity to enjoy the nearby, 1,300-acre River Legacy Park, a public park featuring wooded biking, hiking and jogging trails that meander along the West Fork Trinity River.
The property manager and operator of The Trails at River Park will be WinnResidential, the property management arm of WinnCompanies. Winn and Roseview anticipate that that Roseview WinnResidential Fund I will be fully invested within the next 12 months.
What will the renovation plan mean for current and future residents of The Trails at River Park? “We always work closely with the community and our neighbors and various stakeholders to ensure the community overall is improved, and that the lives of the residents at our properties and neighboring properties improve as well,” Meringoff says.