Sares Regis Multifamily Value-Add Fund IV, L.P. ("SRMF VA-IV") expanded its Texas portfolio with the acquisition of Trend Design District ("Trend Design") on May 18, 2022.
Trend Design is a 309-unit apartment in the vibrant live-work-play community of the Dallas Design District, one of Dallas CBD's most eclectic and exciting neighborhoods, which features a variety of fine dining establishments, design showrooms, art galleries, upscale shopping, and nightlife.
Built in 2009 in a wrap configuration with a four-story building surrounding an above-grade multi-level parking garage, the property offers large studios, one and two-bedroom floorplans with stainless-steel appliances, hard surface countertops, tile backsplash and hardwood flooring. All units benefit from private balconies or patios and full-size washers and driers. Community amenities include a two-story terrace and lounge with views of the Dallas Skyline, a 24/7 Fitness Center, a fenced dog run, a resort-style swimming pool and spa, a resident clubroom, and a resident café with Wi-Fi access.
SRMF VA-IV plans to execute a comprehensive value-add program by renovating all unit interiors and upgrading common area amenities. Once renovated, the property will offer a luxury living experience for residents, positioning it to compete with newer communities in the submarket at an attractive price point.