DALLAS, TX - Waterton, a U.S. real estate investor and operator, announced it has acquired South Side Flats, a 288-unit rental community at 1210 S. Lamar St. in the Cedars neighborhood of Dallas – immediately south of the city’s central business district.
Built in 2016, South Side Flats offers a mix of studio, one- and two-bedroom apartments in a highly accessible location, with a dedicated walkway to the Cedars DART station, which serves the Red and Blue lines. The Cedars neighborhood has seen many historic buildings revitalized and transformed into popular shops, restaurants and nightlife destinations in recent years. The neighborhood is also home to the Kay Bailey Hutchison Convention Center and Dallas Farmers Market.
“The property’s proximity to the central business district, which employs 140,000 people, makes South Side Flats an ideal location for young professionals,” said Matthew Masinter, senior vice president of acquisitions at Waterton. “The access to public transit and nearby expressways is also a big selling point, allowing residents to easily commute to any destination that isn’t within walking distance.”
South Side Flats consists of two four-story residential buildings connected by a five-story parking deck. The property offers numerous amenities such as a rooftop skyline lounge with fireplace and grill, courtyard with hand-painted artwork, outdoor swimming pool with sun deck, 24-hour fitness center with yoga studio, resident club room, and fully equipped business center. The property also features 1,788 square feet of ground-floor retail space.
Individual residences at South Side Flats currently feature modern kitchens with granite countertops, tile backsplashes and stainless steel appliances, as well as in-unit laundry and private patios or balconies. Smart home technology, which was installed in some units prior to Waterton’s acquisition, will be introduced by Waterton into the remaining apartments. This technology provides residents with keyless entry and the ability to control in‐unit lighting and temperature from their smartphones.
“Waterton is focused on enhancing the lifestyles of our residents through innovation” said Masinter. “We are constantly looking to leverage technology in order to add convenience and promote efficiency. Although South Side Flats is a newly constructed community, we view the installation of smart-home technology as a way to further elevate the residential experience while simultaneously helping South Side Flats compete with other newly constructed communities nearby.”
South Side Flats marks Waterton’s third multifamily acquisition in 2017. The firm owns and manages four other rental communities in Texas, including two in the Dallas-Fort Worth metropolitan area, totaling nearly 1,750 units.