DALLAS-Advenir has jumped into a $1.8-million overhaul of the 280-unit Heights of Lake Highlands after paying close to the $12.3-million ask for the deed. The class B-minus complex, en route to a B plus ranking, was 92% filled at sale time.

The acquisition of 9842 Audelia Rd. is the second in Dallas/Fort Worth for the Aventura, FL-based Advenir's plan to gather more than 4,000 units in the metro. On closing day, the first change was the name, Advenir @ North Park, as plans flew into action for the top-to-bottom renovation. “We started on Day 1 and hope to be done in six to 12 months,” says Jeff Riley, the buyer's property analyst. “We're hoping with the improvements that we'll take it to the next level. We'll make it a B plus in what we think will be an A area.”

Riley says the bulk of the cap-ex will go into interiors of the 1970s-era units, a mix of one-, two- and three-bedroom apartments and townhouses. Units average 1,017 sf; rent averages $750 per month. “We will create value and whether or not rents go up with it is a function of the market,” he tells GlobeSt.com. Other work to be done is the clubhouse and landscaping for the 14-acre complex.