DALLAS, TX - Mill Creek Residential, a leading multifamily developer, investor and operator specializing in premier apartment communities across the U.S., announced the comprehensive renovation of the Lakewood on the Trail apartments in Dallas as part of its value-add joint venture with AEW Capital Management, whose ownership is on behalf of one of its separate account clients.
Mill Creek Residential, which purchased the community with 352 apartment homes in September 2013 and recently completed a comprehensive renovation of the clubhouse, is now shifting its renovation focus to the apartment homes. Each apartment home at Lakewood on the Trail, which was originally built in the 1980s, will receive an extensive upgrade package, including custom cabinets, granite countertops, modern lighting and new faucets.
“Lakewood on the Trail is an established community located in one of the most affluent neighborhoods in the Dallas Metro Area,” says Steve Prochnow, vice president of Texas, Colorado and Pacific Northwest operations for Mill Creek Residential. “The Lakewood neighborhood continues to thrive economically and grow in popularity, making this the ideal time to improve this established apartment community. The renovation epitomizes our value-add strategy with AEW where our goal is to add value to residents, neighborhoods and our investors through the renovation of established apartment communities in growing markets like Dallas.”
The new clubhouse and leasing office, which was completely redesigned, features a brand-new fitness studio with Free Motion equipment and iFit Screens, and a Cyber Café with iMacs and a Starbucks coffee station. The upgrades elevate the apartment community’s aesthetics to better meet the expectations of the demographic living in the prestigious Lakewood neighborhood.
Located at 101 N Brookside Dr., Lakewood on the Trail offers direct access to the Santa Fe Trail, a popular biking and hiking trail that connects White Rock Lake to historic Deep Ellum and Fair Park. It’s also adjacent to the Lakewood Country Club and surrounded by high-end single-family homes with historic significance.
The Lakewood neighborhood is just a 10-minute drive to the major employment centers of downtown, and was named a “Best Big-City Neighborhood” in 2013 by CNN Money. Lakewood on the Trail is also within a short drive of popular shopping, dining and entertainment destinations, including Whole Foods, the historic Lakewood Theater and White Rock Lake.
Including Lakewood on the Trail and other communities, Mill Creek currently owns and operates 560 apartment homes in the Dallas market, with an additional 507 apartments under construction.