By Andie Lowenstein, Associate Editor
Coppell, Texas—Steadfast Apartment REIT acquired an apartment community in the fourth largest metro in the country.
Lakeside at Coppell, located in the city of Coppell, Texas, just 35 minutes northwest of the Dallas Central Business District, offers 315 units. The REIT has now invested nearly $993 million in 25 communities with 8,206 units in 11 states. It owns 2,007 units in the state of Texas.
“We are very pleased with the addition of Lakeside at Coppell,” said Ella Shaw Neyland, president of Steadfast Apartment REIT. “Not only do we believe the property is a quality asset with tremendous potential, but it is located in the fourth largest metro in the country. Nearly 116,900 jobs are expected to be created in the market this year.”
Built in 1999 on an expansive 35 acres, Lakeside at Coppell includes 45 two-story apartment buildings with one, two-, three- and four-bedroom units. Residents will have spacious layouts averaging 1,221 square feet and access to amenities including a private, attached garage, washer-dryer connections, mahogany cabinetry, granite countertops and stainless steel appliances. Lakeside at Coppell was 96.2 percent occupied as of the beginning of October 2015 and has average in-place rents of $1,698. Additional on-site amenities include a clubhouse, swimming pool, basketball court, sand volleyball court, tennis court, jogging trail, health club with aerobic studio and classes, billiards room, executive business center, playground and community garden.
The city of Coppell is located within the Dallas-Fort Worth Metropolitan Statistical Area and its residents benefit from well-known regional employers, including the Dallas-Fort Worth International Airport and the Las Colinas office park, the largest office development in the metro area, which employs approximately 105,000 people. FedEx and Toyota recently announced plans to relocate their headquarters to the area, adding about 7,200 jobs to the market.