The property at 2600 Arroyo Ave. will be renamed and marketed as the Maverick at Oak Lawn.
DALLAS—Dallas-based equity investor Realty Capital Partners LLC and apartment operator BKE Capital LLC have formed a joint venture to purchase the 137-unit 1970s-vintage Oak Lawn Heights multifamily community located at 2600 Arroyo Ave. The property has visibility from the North Dallas Tollway at the Wycliff exit and offers one- and two-bedroom townhomes or single-story homes near some of the largest employment generators in the metro.
The joint venture plans to spend several millions to renovate the property with the strategy of bringing it up to date. It is anticipated that the heavy renovation will be completed within two years. The property will be renamed and marketed as the Maverick at Oak Lawn.
"Due to a fast-growing economy, there have been a lot of new upscale apartments built in the metroplex, resulting in a shortage of affordable apartments in the most desirable neighborhoods of Dallas," said Blake Lugash, president of Realty Capital Partners. "While developers have been tearing down older apartments to build expensive new project, the Maverick at Oak Lawn will offer a more affordable option."
The renovated units will feature stainless steel appliances, hard-surface countertops, and in-unit washer and dryers. After the interior and exterior renovations are complete, the property will provide a competitive pricing advantage to attract a cost-conscious but professional resident base.
"In the short term, we will work with our residents to address any issues caused by the current COVID-19 crisis, but over the long term, we continue to believe in the growth of the Dallas/Oak Lawn market and the merits of this high-profile investment," said Kevin Parrish, principal of BKE Capital LLC.
There are no resident displacement plans anticipated during the sheltering phase caused by the pandemic, Parrish says.
"It's still too early to tell. The next two weeks we will know more," Parrish tells GlobeSt.com. "We have no plans to displace anyone given the current climate."
Geographical performance for the US multifamily market reflected broad structural economic and demographic trends last year, according to a report by JLL. Sun Belt markets such as Charlotte, Austin and Dallas-Fort Worth experienced strong demand, driven by domestic in-migration and a continued economic expansion.
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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.
