Strong Economy Boosts Rental Housing with Investors

Waterton acquires Parkside at Firewheel, a 594-unit rental community.

GARLAND, TX—Built in two phases in 2007 and 2013, Parkside at Firewheel multifamily community is adjacent to the Firewheel Town Center , a 1-million-square-foot regional shopping center that includes more than 125 storefronts and 70,000 square feet of office space. Parkside at Firewheel also offers convenient access to nearby employment centers, including the Telecom Corridor and CityLine , a 186-acre mixed-use development in Richardson. TX. Waterton recently acquired the 594-unit rental community. It is Waterton’s first multifamily acquisition in 2016. The firm owns six other rental communities in Texas comprising nearly 1,500 units. Matt Masinter , senior vice president of acquisitions at Chicago-based Waterton, tells GlobeSt.com: “In addition to benefitting from the region’s strong economy, which has created unprecedented demand for rental housing throughout North Texas, Parkside at Firewheel had all of the characteristics we look for in a multifamily community. The property is minutes from major employers in the Telecom Corridor and nearby CityLine development, steps from shops and restaurants in Firewheel Town Center, and also presents us with an opportunity to create value through strategic renovations.” When the community was built, approximately 30% of the units in each phase were finished with a higher interior package that included hardwood-style flooring and upgraded kitchens with stainless steel appliances, granite countertops and tile backsplashes. As the property’s new owner, Waterton plans to update the remaining 70% to offer a similar level of finishes. “Due to a surge in multifamily construction in the Dallas-Fort Worth area–nearly 20,000 units were delivered in 2015 alone–communities that were built five years ago are already undergoing renovations to stay competitive,” said Masinter. “The planned improvements at Parkside at Firewheel are indicative of this broader trend in the market and will allow us to better appeal to the tastes of today’s renters.” Parkside at Firewheel includes a mix of studio, one-, two- and three-bedroom residences ranging in size from 569 to 2,457 square feet. Shared amenities include two swimming pools, a pair of fitness centers, a wellness studio and a grilling/patio area. In addition to a full suite of amenities, Parkside at Firewheel offers residents a highly walkable lifestyle, with numerous shopping, dining and entertainment destinations just steps away. The adjacent shopping center, home to a mix of local and national retailers, is anchored by Macy’s, Dillard’s and Dick’s Sporting Goods , as well as an 18-screen AMC movie theater.