GARLAND, TX – Waterton announced it has acquired Parkside at Firewheel, a 594-unit rental community located in the Dallas suburb of Garland, Texas. Built in two phases in 2007 and 2013, the community is adjacent to the Firewheel Town Center, a 1 million-square-foot regional shopping center that includes more than 125 storefronts and 70,000 square feet of office space. Parkside at Firewheel also offers convenient access to nearby employment centers, including the Telecom Corridor and CityLine, a 186-acre mixed-use development in nearby Richardson.
“Ongoing job growth and rising home values in the Dallas-Fort Worth Metroplex have continued to fuel demand for rental housing, which is why we were eager to add Parkside at Firewheel to our growing portfolio of multifamily properties,” said Matt Masinter, senior vice president of acquisitions at Chicago-based Waterton. “The community’s proximity to major employers like State Farm and Raytheon Co. – both of which have new campuses less than 10 minutes away at CityLine – makes it an attractive option for renters and will only enhance its value going forward as more high-profile companies move to the area.”
Parkside at Firewheel includes a mix of studio, one-, two- and three-bedroom residences ranging in size from 569 to 2,457 square feet. Shared amenities include two resort-style swimming pools, a pair of fitness centers, a wellness studio and a grilling/patio area.
When the community was built, approximately 30 percent of the units in each phase were finished with a higher interior package that included hardwood-style flooring and upgraded kitchens with stainless steel appliances, granite countertops and tile backsplashes. As the property’s new owner, Waterton plans to update the remaining 70 percent of units to offer a similar level of finishes.
“Due to a surge in multifamily construction in the Dallas-Fort Worth area – nearly 20,000 units were delivered in 2015 alone – communities that were built five years ago are already undergoing renovations to stay competitive,” said Masinter. “The planned improvements at Parkside at Firewheel are indicative of this broader trend in the market and will allow us to better appeal to the tastes of today’s renters.”
In addition to a full suite of amenities, Parkside at Firewheel offers residents a highly walkable lifestyle, with numerous shopping, dining and entertainment destinations just steps away. The adjacent shopping center, home to a mix of local and national retailers, is anchored by Macy’s, Dillard’s and Dick’s Sporting Goods, as well as an 18-screen AMC movie theater.
Parkside at Firewheel is Waterton’s first multifamily acquisition in 2016. The firm owns six other rental communities in Texas comprising nearly 1,500 units.