The SRG Fund rounded out 2021 with our second acquisition in Texas. Built in 2008, The Heights at Park Lane is a 325-unit apartment community offering large one, two, and three-bedroom floorplans spread across two mid-rise and one high-rise structure.
Resident amenities include a 24/7 concierge service, a large 24/7 fitness center, a dog park, and two separate community centers, each including an infinity-edge pool, a large sundeck with lounge seating, a spectacular fire pit, and a private conference room.
The property offers a selection of 67 different floorplans. The apartments feature 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. to 14 ft. ceilings.
As one of the nation’s hottest job markets and fastest-growing economies, Dallas-Fort Worth continues to attract a wide variety of corporations choosing to relocate to the metro area, helping to drive increased commercial and residential development.
The Heights at Park Lane is located at the convergence of I-75 and Northwest Highway, two of the major north/south and east/west thoroughfares in Dallas, providing residents a short commute to Dallas’ major employment centers. The property is uniquely positioned adjacent to two popular neighborhoods in Dallas, Preston Hollow, and the Park Cities, and offers units 78% larger than comparable high-rises.
While a newer property, we plan to refurbish dated finishes and common areas. All units will be enhanced with high-end, contemporary finishes. The interior renovation plan includes upgrading dated countertops to modern quartz, cutting down bar-tops, adding a designer back-splash, upgrading cabinet fronts, upgrading kitchen finishes, a modern lighting package, adding washers/dryers and smart thermostats. A brighter interior paint scheme will further modernize the units.
We'll create a true luxury service and leasing experience, including select upgrades to the fitness center, pools, clubhouses, and common area enhancements. There will be significant upgrades to the entry lobby, and a resident service and leasing center interior corridor refresh is also planned.
Thank you to everyone involved in this acquisition, and Happy New Year.
William B. Montgomery
Chief Investment Officer