Waterton Acquires 594-Unit Parkside at Firewheel in Dallas

Investor and property management company Waterton acquired nearly 600 apartments in Garland, a Dallas suburb.

Dallas—Chicago-based Waterton recently announced the acquisition of a massive apartment community in the Dallas suburb of Garland, Texas. Called Parkside at Firewheel, the property offers 594 rentable units.

Parkside at Firewheel

Parkside at Firewheel

Located at Parkside at Firewheel 305 River Fern Ave., the development includes a mix of studio, one-, two- and three-bedroom floorplans with sizes ranging between 569 to 2,457 square feet. Community amenities include two resort-style swimming pools, a pair of fitness centers, a wellness studio and a grilling/patio area.

Built in two phases in 2007 and 2013, Parkside at Firewheel is situated adjacent to the Firewheel Town Center, a 1 million-square-foot regional shopping center that includes more than 125 storefronts and 70,000 square feet of office space. The community also offers easy access to nearby employment centers, such as the Telecom Corridor and CityLine, a 186-acre mixed-use development in nearby Richardson.

“Ongoing job growth and rising home values in the Dallas-Fort Worth Metroplex have continued to fuel demand for rental housing, which is why we were eager to add Parkside at Firewheel to our growing portfolio of multifamily properties,” Matt Masinter, senior vice president of acquisitions at Waterton, said in prepared remarks. “The community’s proximity to major employers like State Farm and Raytheon Co. – both of which have new campuses less than 10 minutes away at CityLine – makes it an attractive option for renters and will only enhance its value going forward as more high-profile companies move to the area.”

At the time of construction, approximately 30 percent of the units in each phase were finished with a higher interior amenity package that included hardwood-style flooring and upgraded kitchens with stainless steel appliances, granite countertops and tile backsplashes. Waterton now plans to upgrade the remaining 70 percent of units to offer a similar level of finishes.

Image courtesy of Waterton