Sares Regis Multifamily Funds acquired Heights at Park Lane, in Dallas, Texas.
Sares Regis Multifamily Value-Add Fund IV, L.P. (“SRMF VA-IV“) announces the acquisition of Heights at Park Laneon December 23, 2021. Built in 2008, this 325-unit apartment community offers 67 different floorplans across one, two, and three-bedroom units spread across two mid-rise and one high-rise structure.
Each unit features stainless steel appliances, hard surface countertops, and hardwood flooring. Tower units include two-way fireplaces, large wraparound balconies, whirlpool tubs, and private in-unit elevator access. All units benefit from 10 ft. ceilings, except for the 15th floor at Flats and the 20th floor at Towers which are 14 ft.
Resident amenities include a 24/7 concierge service, a large 24/7 fitness center, a dog park, and two separate community centers, each with an infinity-edge pool, a large sundeck with lounge seating, a fire pit, and a private conference room.
Heights at Park Lane is located at the convergence of I-75 and Northwest Highway, two of Dallas’s central north/south and east/west thoroughfares, providing residents a short commute to Dallas’ major employment centers and access to over 228,000 jobs within a five-mile radius. The property is strategically positioned to capture high- and mid-rise living demand with limited competition nearby. The property attracts a true renter-by-choice; it is uniquely positioned adjacent to two of the most affluent neighborhoods in Dallas, Preston Hollow and the Park Cities, and offers units 78% larger than comparable high-rises.