Maverick at Oak Lawn Theproperty at 2600 Arroyo Ave. will be renamed and marketed as theMaverick at Oak Lawn.

|

DALLAS—Dallas-based equity investor Realty Capital Partners LLCand apartment operator BKE Capital LLC have formed a joint ventureto purchase the 137-unit 1970s-vintage Oak Lawn Heights multifamilycommunity located at 2600 Arroyo Ave. The property has visibilityfrom the North Dallas Tollway at the Wycliff exit and offers one-and two-bedroom townhomes or single-story homes near some of thelargest employment generators in the metro.

|

The joint venture plans to spend several millions to renovatethe property with the strategy of bringing it up to date. It isanticipated that the heavy renovation will be completed within twoyears. The property will be renamed and marketed as the Maverick atOak Lawn.

|

"Due to a fast-growing economy, there have been a lot of newupscale apartments built in the metroplex, resulting in a shortageof affordable apartments in the most desirable neighborhoods ofDallas," said Blake Lugash, president of Realty Capital Partners."While developers have been tearing down older apartments to buildexpensive new project, the Maverick at Oak Lawn will offer a moreaffordable option."

|

The renovated units will feature stainless steel appliances,hard-surface countertops, and in-unit washer and dryers. After theinterior and exterior renovations are complete, the property willprovide a competitive pricing advantage to attract a cost-consciousbut professional resident base.

|

"In the short term, we will work with our residents to addressany issues caused by the current COVID-19 crisis, but over the longterm, we continue to believe in the growth of the Dallas/Oak Lawnmarket and the merits of this high-profile investment," said KevinParrish, principal of BKE Capital LLC.

|

There are no resident displacement plans anticipated during thesheltering phase caused by the pandemic, Parrish says.

|

"It's still too early to tell. The next two weeks we will knowmore," Parrish tells GlobeSt.com. "We have no plans to displaceanyone given the current climate."

|

Geographical performance for the US multifamily market reflectedbroad structural economic and demographic trends last year,according to a report by JLL. Sun Belt markets such as Charlotte,Austin and Dallas-Fort Worth experienced strong demand, driven bydomestic in-migration and a continued economic expansion.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.