DALLAS—With millennials, technology and hotel experiences in mind, a multifamily property hits the bullseye with those targets. Waterton has acquired South Side Flats, a 288-unit rental community at 1210 S. Lamar St. in the Cedars neighborhood of Dallas–immediately south of the city's central business district. The terms were undisclosed.
“The property's proximity to the central business district, which employs 140,000 people, makes South Side Flats an ideal location for young professionals,” said Matthew Masinter, senior vice president of acquisitions at Waterton. “The access to public transit and nearby expressways is also a big selling point, allowing residents to easily commute to any destination that isn't within walking distance.”
The buildings have a dedicated walkway to the Cedars DART station, which serves the Red and Blue lines. The Cedars neighborhood's many historic buildings have been revitalized and transformed into popular shops, restaurants and nightlife destinations in recent years. The neighborhood is also home to the Kay Bailey Hutchison Convention Center and Dallas Farmers Market.
“As millennials continue to favor renting over owning, they're seeking out communities that combine the comforts of home with the amenities of an upscale hotel. As a result, service has emerged as a key differentiator in newly constructed and renovated communities,” Masinter tells GlobeSt.com.
“Through our experience owning and operating both apartment and hotel properties, we're uniquely positioned to deliver the personalized experience that residents at communities like South Side Flats desire. In addition to offering smart-home technology and proximity to public transit, South Side Flats caters to this young, creative demographic by featuring amenities like a courtyard with hand-painted artwork, as well as lounges where residents can work during the day and socialize at night. Convenient access to jobs in the central business district is another selling point, as is the ability to frequent nearby destinations like the Dallas Farmers Market, which appeals to the increasing number of millennials moving toward a local or organic lifestyle.”
Built in 2016, South Side Flats offers a mix of studio, one- and two-bedroom apartments, and consists of two four-story residential buildings connected by a five-story parking deck. The property offers numerous amenities such as a rooftop skyline lounge with fireplace and grill, courtyard, outdoor swimming pool with sun deck, 24-hour fitness center with yoga studio, resident club room and fully equipped business center. The buildings also feature 1,788 square feet of ground-floor retail space.
Individual residences feature kitchens with granite counters and stainless steel appliances, as well as in-unit laundry and private patios or balconies. Smart-home technology, which was installed in some units prior to Waterton's acquisition, will be introduced by Waterton into the remaining apartments. This technology provides residents with keyless entry and the ability to control in‐unit lighting and temperature from smartphones.
“Waterton is focused on enhancing the lifestyles of our residents through innovation,” said Masinter. “We are constantly looking to leverage technology in order to add convenience and promote efficiency. Although South Side Flats is a newly constructed community, we view the installation of smart-home technology as a way to further elevate the residential experience while simultaneously helping South Side Flats compete with other newly constructed communities nearby.”
South Side Flats marks Waterton's third multifamily acquisition in 2017. The firm owns and manages four other rental communities in Texas, including two in the Dallas-Fort Worth metropolitan area totaling nearly 1,750 units.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
