DALLAS, TX - Mill Creek Residential, a national apartment developer, investor, owner and operator, and AEW Capital Management, L.P. (AEW), one of the world's leading real estate investment advisors, announced that through a joint venture they have acquired Lakewood on the Trail, a 352-unit garden-style community in Dallas. Including Lakewood on the Trail, Mill Creek has acquired more than 2,000 apartment homes across the country since 2012 as part of the company's "buy where we build" strategy. AEW acquired the property on behalf of one of its institutional clients.
"Mill Creek's acquisition philosophy is to acquire high-quality communities with redevelopment potential in irreplaceable locations in markets where we're actively developing new communities," said Wes Dickerson, managing director – Acquisitions. "Lakewood on the Trail is an ideal reflection of this strategy, and will soon have a sister community in Avenue H Apartments, a new Mill Creek community under development in Dallas's Knox neighborhood that will deliver in the summer of 2014."
Lakewood on the Trail is ideally situated in the affluent Lakewood neighborhood just minutes from downtown Dallas. The community is adjacent to Lakewood Country Club, one of Dallas' premier golfing destinations, and within walking distance of the Lakewood Village Shopping Center. Just minutes north of Interstate-30 (I-30) and just two miles east of Central Expressway (US-75), residents here enjoy easy access into Downtown Dallas. In addition, Lakewood on the Trail is positioned near numerous surrounding amenities including the Dallas Arts District, the Knox/Henderson Entertainment District, Baylor Medical Center, White Rock Lake, NorthPark Center, Southern Methodist University and Whole Foods.
The community comprises one- and two-bedroom apartment homes. The new ownership will update the interiors of the units and enhance resident amenities. The apartment homes feature crown molding, designer paint, individual washer and dryer and vaulted ceilings. Community amenities include a fitness center, clubhouse, three pools and spas, outdoor kitchen and covered parking.
Mill Creek Residential Trust LLC is a national multifamily company focused on the development, acquisition and operation of apartment communities in targeted markets nationwide. The company proactively pursues development, acquisition and construction opportunities through its seasoned team of real estate professionals in 14 offices across the United States.
Source: Mill Creek Residential / #Apartments #Multifamily