DALLAS-With the goal of national expansion, Chicago-based Waterton Residential has acquired 592 upscale, high-design apartment units through its purchase of three class-A multifamily properties here: Vue Fitzhugh, Vue Greenville and Vue Live Oak. The Vue portfolio, originally developed by Inland American Communities, includes a total of 503,775 square feet of rentable space.
“Waterton is excited to add such a high quality group of assets to our growing portfolio,” explains Matt Masinter, senior vice president of acquisitions at Waterton Residential. “The Vue portfolio offers the unique combination of post-2000 vintage construction with value-added potential and a strong, infill Dallas location.”
Masinter continues that “Waterton will continue to pursue opportunistic acquisitions in Dallas as we endeavor to grow the Waterton Residential Property Venture XI LP portfolio nationwide.”
GE Capital was the seller and was represented by Apartment Realty Advisors' Dallas office. The portfolio was acquired as part of Waterton Residential Property Venture XI, a $500-million discretionary multifamily investment fund, as GlobeSt.com exclusively reported in March of this year.
Waterton Residential tells GlobeSt.com that it cannot disclose the purchase price at this time. GE Capital did not respond to GlobeSt.com inquiries for purchase price or reasons for selling by deadline.
Renovations, which began in 2007 under the previous owner, will continue at all three properties and include the addition of wood floors and granite countertops in units that do not already include them.
Built in 2004, Vue Fitzhugh is a distinctive three-story building set on 3.6 acres in Dallas’ Knox-Henderson entertainment district. It includes 226 units consisting of one-bedroom/one-bathroom, one-bedroom/one-bathroom loft and two-bedroom/two-bathroom apartment homes.
Built in 2006, Vue Greenville is a three-story building set on 3.7 acres in the Greenville entertainment district and minutes from both downtown and uptown. It includes 128 units consisting of one-bedroom/one-bathroom, two-bedroom/two-bathroom and three-bedroom/three-bathroom apartment homes.
Built in 2003, Vue Live Oak consists of four separate three-story buildings designed and set on 3.6 acres near the Dallas central business district and Deep Ellum neighborhood. It includes 238 units with a mix of efficiencies, one-bedroom/one-bathroom, one-bedroom/one and a half-bathroom, two-bedroom/two-bathroom and two-bedroom/ two and a half-bathroom apartment homes.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
