Upside Avenue has announced the addition of five new multifamily communities to its portfolio, adding 1,070 apartment units located in the high-demand Dallas/Fort Worth market.
The portfolio is located within a 20-mile radius of the Dallas CBD in high-growth, suburban areas. Their locations provide residents with access to all employment drivers the city has to offer. Dallas has seen unprecedented economic growth and migration in recent years as a result of its diverse economy and business-friendly environment.
While the property exteriors of these communities match those of their Class A competitors, improvements will concentrate on the common area finishes and interior upgrades.
Residents at each of the five communities will also be surveyed to understand what services and activities they would like to see implemented. This allows for customization of offerings to what the residents are interested in and will value the most. Past surveys have shown a wide range of requests, from dog walking services and breakfast-on-the-go, to self-defense classes and after-school programs.
Details and photographs of the properties are located below:
River Oaks – 180 Units
River Oaks is an early 2000s asset with excellent value-add potential located in the high-growth suburban Dallas submarket of Wylie. The property has easy highway access to major employers and entertainment in Dallas and nearby suburbs, including Keurig Dr Pepper, State Farm, and Toyota. Nearby Lake Ray Hubbard is a popular attraction outside of the bustle of city life. The community features a large swimming pool and spa, outdoor grilling area, fitness center with cardio and weight machines, business center, laundry facilities, and courtyard.
Rents in the Rockwall/Rowlett/Wylie Submarket have experienced a 4.7% growth rate and a 95% occupancy rate.
Half of the units will receive an interior upgrade which includes new cabinet fronts and pulls, new plank flooring, granite 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. This upgrade package is projected to earn $180 premiums on average.
In addition to these interior upgrades, fenced yards will be added to 53 of the first-floor units, washer/dryer sets in half of the units, and a valet trash service throughout the property.
Savoy of Garland – 144 Units
Built in 2008, Savoy is located in the high-growth Dallas suburb of Garland, which sits at the intersection of three major freeways. Nearby employers include Dean Foods, Neiman Marcus Group, and Trinity Industries. Lake Ray Hubbard is a short drive away and features fishing, boating, and other outdoor activities. The property features a coffee bar, picnic area with barbecue, garages, a jogging trail, resort-style pool with lounge area, business center, playground, and both covered parking and garages.
Rent growth in the Garland/Rowlett Submarket is 3.4% and occupancy rates sit at 96%.
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 Savoy will deliver a $114 premium on average. Additionally, 40 fenced yards and 72 washers and dryer sets will be added to the property.
Vistas at Pinnacle Park – 332 Units
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, a large fitness center, two resort-inspired pools, garages, an 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.
Mariposa Villas – 216 Units
Mariposa Villas 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 24-hour fitness center, covered parking, resort-style pool with spa, and detached garages.
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 $158 premium on average. Additionally, 45 fenced yards and 108 washer and dryer sets, and a valet trash service will be added at the property.
Huntington Ridge – 198 Units
Huntington Ridge is a luxury-style apartment community in Desoto, a thriving community south of Dallas. It features a resort-style pool with lounge area, total-body fitness center, business center, coffee bar, jogging trail, picnic area with grills, and garages.
The South Dallas Submarket is home to one of the fastest-growing industrial distribution centers in the country with warehouse jobs being added at a rapid pace. The population growth has led to a steady apartment demand. Vacancies are near record lows and rent growth has outperformed historical norms in recent years. Rent increases on newly renovated assets usually outpace submarket average rent growth. Rent growth in this area is 3.9% and occupancy rates are at 96%
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 Huntington Ridge are expected to garner a $150 premium on average. Additionally, 55 fenced yards and 99 washer and dryer sets, and a valet trash service will be added at the property.
