Lakeside At Northpark Apartment Homes
September 29, 2014
Class B Multifamily Acquisition
CONTI Organization’s Glen Lakes is a 424-unit infill transportation-oriented multifamily investment opportunity, with a unique lakeside location along Central Expressway in Dallas, Texas. Glen Lakes boasts easy access to everything along the Central Expressway corridor.
“Inside the loop” in the Central Expressway corridor – Neighboring THR Presbyterian Hospital Dallas and the new Preston Hollow Village – Near NorthPark Mall, Royal Oaks CountryClub, and Medical City – Easy Commute to many employment centers including Downtown, Uptown, Preston Hollow, Richardson Telecom Corridor, LBJ Freeway and Addison.
Growing Revenue With Additional Upside
The desirable location and the dynamic local economy create a great rental growth environment for the community as there is additional value-add potential through interior and amenity upgrades and repositioning within the submarket. Robust Local Economy Continuing a 4 year pattern, the DFW metro has the top annual job growth in the nation as of July 2014 with 120,800 jobs added annually. The property’s central location places it in the midst of several Dallas/Fort Worth employment clusters and proximate to DFW’s primary economic drivers.
Glen Lakes is positioned to improve rental rates through a value-add program. Due to structural, facility, and finish out improvements undertaken in 2007, the value-add can be predominantly focused on items that contribute more directly to rental premiums such as higher-end interior upgrades and common area amenities. Potential upgrades include stainless steel appliances, upgraded countertops or cabinets, wood-style flooring extensions in to living rooms, and adding amenities around the pool and other common areas.