DALLAS-Presidium Group and Second City Real Estate have formed a joint venture to acquire and reposition Dallas' Easton Hills apartment complex. The complex is 282 units and located in Dallas' White Rock Lake area.
Presidium and Second City recently rebranded the property as The Grove at White Rock and will soon launch an extensive renovation. The $1.7 million capital renovations will include both interior and exterior upgrades. The interior unit enhancements will consist of new flooring, hardware, plumbing, lighting fixtures and appliances. Exterior upgrades will include improvements to the building exteriors, landscaping, property amenities and leasing office. The renovations will also include the addition of a fitness center.
“The Grove at White Rock nicely complements our multifamily portfolio in the Dallas-Fort Worth area,” said Presidium co-chief executive officer Cross Moceri. “This acquisition is ideally positioned to take advantage of the current transformation in East Dallas.”
The apartment complex is well located in one of Dallas' flourishing neighborhoods. The neighborhood includes a growing restaurant and retail shopping scene and is just minutes away from White Rock Lake, featuring a hike and bike path and other recreational activities.
“We our pleased to extend our relationship with Presidium to the Dallas area,” said Greg Tylee, managing director of Second City Real Estate. “Presidium's track record in repositioning and operating apartment complexes is ideal for maximizing the potential value of this property.”
The acquisition of the Easton Hills apartment complex is the sixth joint venture acquisition by Second City Real Estate and Presidium Group. It is their first joint acquisition in Dallas.
The Presidium Group owns and operates over 6,000 apartment units in Austin, Dallas, Houston and San Antonio. Second City Real Estate is a private equity group that focuses on the acquisition of opportunistic and value-add office, industrial and multi-family real estate within targeted markets of the United States.
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