DALLAS, TX - Behringer announced the acquisition of Lakewood Flats, a 435-unit multifamily community in the Lakewood submarket of Dallas, by Behringer Harvard Opportunity REIT II, Inc.
"Lakewood Flats provided us with an attractive opportunity to acquire a recently constructed, stabilized and cash-flowing asset in a desirable infill market with strong fundamentals and high barriers to entry," said Michael O'Hanlon, chief executive officer of Behringer's opportunity platform. "This is the best-in-class asset in a submarket with high apartment occupancy and limited new supply. We expect Lakewood Flats to continue to benefit from strong demand for a central living option priced lower than many multifamily communities in the nearby Knox/Henderson and Uptown Dallas submarkets."
Lakewood Flats was built in 2013 at 7425 La Vista Drive, near the intersection of East Grand and Gaston avenues. It consists of 318 one-bedroom apartments with an average size of 645 square feet and 117 two-bedroom apartments with an average size of 1,141 square feet. Community amenities include a clubhouse with lounge and gourmet kitchen, game room, fitness center, business center and two resort-style pools. Apartment interiors feature vinyl plank or stained concrete floors, granite countertops in kitchens and baths, stainless steel refrigerators, and a washer and dryer in each unit.
The Lakewood neighborhood is known for its residential feel and its convenient access to the Dallas central business district, which is approximately five miles southwest of Lakewood Flats. Residents enjoy direct access to the Santa Fe Trail, a 4.2-mile paved trail system for hiking and biking that connects multiple parks in lower East Dallas. More than 1 million visitors are attracted annually to the 2,100-acre White Rock Lake and Park, as well as the 66-acre Dallas Arboretum and Botanical Garden on the southeastern shore of the lake.
Source: Behringer / #Apartments #Multifamily