The 17-year-old Kingsley Court at 11100 Kingsley Rd. in Dallas has been bought by Transwestern Investment Co. LLC on behalf of its exclusive institutional investment fund, Aslan Realty Partners LP. It is Aslan's first Texas holding and the first for the joint venture with Performance Properties Corp., based here. More are sure to follow, says Ron Muhleisen, Performance Properties' principal. He negotiated the agreement on behalf of the joint venture.
The 28-year-old Performance Properties also is managing the 14-building complex situated on six acres. First Worthing had been ousted from its management role on the sale day, the same time that construction crews moved onto the site to start the rehab. "That's what we do," Muhleisen tells GlobeSt.com. "We find properties so we can add value to them." Aslan too specializes in buying undervalued properties, equity real estate investments or acquisitions with strong earning potential and new developments.
Kingsley Court is getting a facelift, new signs, roofs, security systems, access gates, appliances, carpeting and interior upgrades. Performance Properties is acting as the general contractor, with the work slated to be completed July 1. The complex had a 95% occupancy rate at purchase time.
Kingsley Court consists of garden-style, three-story buildings. The complex is situated at the intersection of Kingsley Road and LBJ Expressway. There are 288 one-bedroom and 31 two-bedroom units.
Aslan, which owns four other apartment complexes, is one of five domestic, institutional real estate funds that has been set up by Transwestern Investment Co. Aslan had closed in 1999 with $426 million of committed institutional equity. Last year, Aslan bought eight office properties, totaling 2.4 million sf; 20 retail and mixed-use retail-office complexes in nine cities; and nine service center-flex properties consisting of one million sf. Its five multifamily holdings total 1,262 units.
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