New Owner Plans Upgrades While Retaining Affordability

The upscale property is in an appealing neighborhood with good potential.

DALLAS— McKinney Uptown is a 144-unit midrise apartment complex located at 3324 McKinney Ave. in the West Village neighborhood of Uptown. It has been acquired by the Kislak Organization , a national real estate investment firm headquartered in Miami Lakes, FL. “With luxury multifamily product in demand in urban Dallas, this upscale property in an exciting neighborhood has enormous potential,” said Tom Bartelmo , president and CEO of the Kislak Organization. “There are opportunities for distinctive upgrades that will enhance McKinney Uptown’s appeal and make it a great place to live, while retaining affordability for renters.” Moran and Company Southwest represented the seller, a global financial institution. Team Mozer with George Smith Partners arranged the acquisition financing provided by Los Angeles-based Mesa West Capital . A portion of the loan proceeds will be used to finance significant interior and exterior upgrades. Kislak’s plans include enhancing the unit interiors, including installing washers and dryers, along with upgrading the lobby and common elements, property amenities and exterior. Cottonwood Residential , Kislak’s property management partner, will be responsible for day-to-day operations. Constructed in 2003, the nine-story residential podium-style building over a three-level parking garage features a full-service salon, third-floor pool and sundeck, and a 10th‑floor fitness center with panoramic city views. A wide variety of employment centers, retail, restaurant and leisure activities are within walking distance, or can be reached via the M-Line Trolley at the doorstep and the nearby DART CityPlace light rail. Bartelmo tells GlobeSt.com: “McKinney Uptown is a dynamic property in one of the most desirable neighborhoods in Dallas. The opportunity with this special asset is tremendous. All the parties involved in the deal worked together quickly and efficiently to make everything come together in a tight timeline. We closed in just 60 days–a truly outstanding accomplishment in light of today’s market conditions–and we appreciate everyone’s efforts.” With this acquisition, the Kislak portfolio includes three multifamily communities in Dallas and more than 2,000 units in properties nationwide. Backed by more than a century of real estate experience, the Kislak Organization has established a track record of acquiring and asset managing multifamily properties. Kislak is seeking additional acquisitions throughout the Sun Belt.