The Heights at Park Lane in Dallas, TX Acquired by SRG Fund IV

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