DALLAS, TX - Amstar, a Denver-based real estate investment manager, and The Hanover Company, a national multifamily developer and property manager, announced today the acquisition of a 4.4-acre parcel in the Uptown submarket of Dallas on which they plan to build a 396-unit luxury apartment community called The Residences at Cityplace.
The five-story building will offer tenants a number of amenities, including balconies, three large private resident courtyards, a resort-style swimming pool and a well-appointed lounge area. The planned unit amenities will include Class A finishes such as wood cabinets, stainless steel appliances, granite countertops and full-size washers and dryers.
The Uptown area is one of the most desirable areas in the Dallas metro. This location, less than two miles north of downtown Dallas, offers minimal commute times to the central business district and many cultural and entertainment destinations. This property also will be close to myriad transit options, as well as abundant retail, restaurants and amenities. Located just two blocks north of the DART (Dallas Area Rapid Transit) Cityplace Rail Station, residents will have superior access to the airport, the medical district and many of the suburban employment centers. In addition, the property will benefit from high visibility and excellent ingress and egress from Highway 75.
The property is scheduled to break ground in June and will deliver in the first half of 2014.
“We are very pleased to partner with Hanover to bring this great residential property to the thriving Uptown neighborhood,” said Amstar Managing Director Kim Sperry. “We see this property as an exceptional investment in an area with excellent fundamentals, including a strong employment and amenity base. Amstar is focused on development opportunities around employment centers and transportation hubs in thriving markets that are in need of upscale housing options that meet the needs of today’s sophisticated renter.”
Amstar Advisers, LLC is a global investment manager focused on creating value for its clients through the implementation of sound real estate-related investment strategies. The firm is an affiliate of, and is commonly managed by, Amstar Group, LLC, a real estate asset manager with over 25 years of experience in acquisition, development, and capitalization of office, hotel, multifamily, industrial, and retail properties within the major markets of the United States and select markets in Europe and Latin America.
Together, Amstar Advisers, LLC and Amstar Group, LLC, collectively referred to as “Amstar”, have approximately $1.7 billion in assets under management. Amstar's core investment strength lies in maintaining disciplined and diligent underwriting while decisively taking advantage of opportunities in a rapidly changing investment environment. Amstar Advisers, LLC is an SEC-registered investment adviser with approximately $750 million in assets under management.
The Hanover Company, located in Houston, Texas, stands among the most active private real estate companies in the United States, specializing in the development of high quality multi-family residential properties nationwide. With over thirty years experience and an award-winning portfolio of residential high-rise, mid-rise, mixed-use, and suburban projects, Hanover is focused on strategic growth in major markets across the United States.