Sentinel Real Estate Corp. has acquired Debbie Lane Flats, a 331-unit luxury community in Arlington, Texas, that came online earlier this year. The seller was Provident Realty Advisors, according to Yardi Matrix data.
The garden-style community comprises a mix of one-, two- and three-bedroom units averaging 895 square feet. Apartments feature stainless steel appliances, quartz countertops, LED lighting, keyless entry, walk-in closets, as well as private patios or balconies. Common-area amenities include a fitness center, a pool, a business center, a package locker, grilling stations and electric vehicle charging stations.
Situated on 17.2 acres at 8150 S. Watson Road, Debbie Lane Flats is roughly 22 miles from downtown Fort Worth and 26 miles from downtown Dallas, adjacent to State Route 360. The location provides easy access to various employment centers such as GM Financial, American Airlines, IKEA and Lockheed Martin. Camping, swimming, kayaking, canoe rentals and other recreational options are within walking distance.
Expanding footprint in a high-growth area
North Texas continues to be one of the country’s most sought-after markets for residential investors. Dallas recorded nearly $6.6 billion in multifamily transactions in the first six months of the year. The metro also had the country’s largest multifamily pipeline at the end of the first quarter, with 44,595 apartments under construction as of March.
Acknowledging the metro’s potential, Sentinel President Michael Streicker stated in prepared remarks that Debbie Lane Flats marks the acquisition of a stabilized asset in a high-growth market, as the Metroplex recorded a 7.2 percent employment growth in the last year. Streicker added that Dallas-Fort Worth expects a 2.4 percent annual job growth in the next five years.
According to Yardi Matrix data, Sentinel’s local portfolio currently comprises more than 1,450 units. Earlier this year, the firm acquired a 164-unit property in downtown Dallas.