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319-Unit Kingsley Court Gets New Owner, New Management, New Look

DALLAS-Aslan Realty Partners, a Transwestern investment fund, has teamed with Dallas-based Performance Properties in a joint venture to pick up its first holding. The acquisition jumpstarts a $1.1-million makeover for Kingsley Court in Dallas.

By Connie Gore | Updated on January 20, 2001

DALLAS-A newly formed joint venture has launched with a Dallas buy of a 319-unit apartment complex that is in the midst of a $1.1-million makeover.

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.

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