Investment Thesis
Vistas at Pinnacle Park is located in the growing community of North Oak Cliff. The neighborhood provides a short commute to downtown Dallas and quick access to major employers, including Southwest Airlines, D.R. Horton, AT&T, and Trinity Industries. Amazon is building an 855,000-square-foot distribution facility in the market area that is expected to employ 1,500 by the end of 2020. Shopping, dining and entertainment are close by in the Bishop Arts District of Oak Cliff and in downtown Dallas, which is a short drive away.
The property features a coffee bar, large fitness center, two resort-inspired pools, garages, all-weather hot tub, a business center, and covered parking spaces.
Half of the population in the Oak Cliff Submarket are renters, so apartment demand remains strong. Rent growth in the submarket is 3.6% and occupancy rates are 95%.
Half of the units will receive an interior upgrade which includes new cabinet fronts and pulls, new plank flooring, new laminate countertops, stainless steel appliances, updated lighting and fixtures, as well as a technology package that includes Nest thermostats or Bluetooth locks, smart lighting, and USB outlets in the living room. The upgrades at Vistas are expected to garner a $166 premium on average. Additionally, 11 fenced yards and 166 washers and dryer sets, and a valet trash service will be implemented on the property.
