DALLAS—Add Dallas to the two East Coast gateway cities where Instrata Lifestyle Residences has a presence. The portfolio of amenity-rich rental properties now includes Instrata at the Ashton Uptown, joining a quartet of buildings in New York City and one in the Washington, DC suburb of Arlington, VA.
“The Instrata brand represents a superior level of design and quality augmented by a multitude of high-end amenities and services, including custom-tailored community-building events,” says Rob Neiffer, director at Invesco Real Estate, the sponsor of Instrata Lifestyle Residences. “We invite the premier rental buildings in key markets to join our portfolio as we expand nationally, and we are thrilled to welcome the Ashton Uptown into our growing family.”
Invesco has in fact owned the 267-unit, class A apartment community at 2215 Cedar Springs Rd. in Dallas' Uptown submarket since the fall of 2013, industry data show. The purchase price to acquire the property from Sentinel Real Estate, which paid $103 million for it in 2006, was not available; however, an industry report says that an Invesco affiliate refinanced the Ashton for $300 million this past January through Prudential Multifamily Mortgage.
Instrata at the Ashton Uptown is managed by Lincoln Property Co., itself headquartered in Dallas. Monthly unit prices start from the low $2,000s. Instrata is positioned to expand to Los Angeles and Seattle later this year, and is considering additional US markets.
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