LaSalle Investment Management, on behalf of its Income & Growth Fund VII, has acquired Rienzi at Turtle Creek, a 152-unit community in the Turtle Creek submarket of Dallas. Seller Fairfield Residential had owned the property since 2013, when the company purchased the building for $48.9 million from TA Realty, according to Yardi Matrix data.
Located at 3500 Fairmount St., Rienzi at Turtle Creek is near major employment centers including Uptown and Downtown Dallas, Medical District, Baylor University Medical Center and Dallas Love Field. Entertainment and retail options such as Reverchon Park, Knox Henderson and The Shops at Park Lane are also close by.
The Class A property was 94.7 percent occupied as of January, per Yardi Matrix. Built in 2002, the nine-story building comprises one- and two-bedroom apartments with floorplans ranging from 812 to 1,886 square feet. Finishes include 10- to 12-foot ceilings, extra-large walk-in closets, granite countertops, hardwood flooring and balconies in most units. Common-area amenities include:
- swimming pool and spa
- fitness center
- garden terrace with grilling area
- concierge services
- controlled garage access
- valet parking
“Rienzi at Turtle Creek … was originally constructed as a condominium, offering condo-level finishes and amenities at competitive rental rates. By addressing deferred maintenance and completing renovations to the common areas and unit interiors, we believe we can deliver a desirable product that drives rent growth while offering rates that represent a significant discount to those at comparable new construction high-rises in the area,” said Summit Walia, managing director of acquisitions at LaSalle, in prepared remarks.
Thriving metropolitan area
Boasting strong job growth—having added 109,400 jobs in the 12 months ending in September, per Yardi Matrix’s latest Dallas multifamily report—the metro is home to several Fortune 500 companies including Exxon Mobil, AT&T, American Airlines, Tenet Healthcare, Southwest Airlines, Kimberly-Clark, or Texas Instruments. The strong presence of top corporations, combined with robust population growth, support the metro’s multifamily market and drive consistent demand for high-quality product.
The LaSalle Income & Growth funds are the company’s flagship closed-end U.S. value-add fund series, with approximately $6 billion spent in more than 100 investments. Fund VII started acquiring assets in 2016.
“Rienzi at Turtle Creek aligns well with the investment strategy of our U.S. value-add fund series …,” said Joe Munoz, chief investment officer for LaSalle’s Income & Growth Funds, in a prepared statement.
Image courtesy of Yardi Matrix