A Miami investor added to his Texas holdings with the purchase of a large apartment community on the edge of Highland Park.
Atlantic Pacific Cos. purchased the 372 Highland Park West Lemmon apartments on Lemmon Avenue, near the Dallas North toll freeway.
Built in 2008, the five-story building includes 18,000 square feet of retail space facing Lemmon Avenue. JHP Architecture designed the project.
Rental units in the community range from 503 to 1,749 square feet, and there are two swimming pools and a fitness center.
Rents for the property start at over $ 1,100 per month.
“Highland Park West Lemmon, soon to be renamed The Atlantic Highland Park, is located in one of the main areas of Dallas,” said Greg Ward, chief investment officer at Atlantic Pacific Real Estate Group, in a statement. “This property is a great addition to our growing portfolio in Texas and reinforces our strategy of purchasing exceptional properties in growing markets at attractive prices.”
The new owner is planning a multi-million dollar renovation of the property.
The Dallas Purchase is the seventh acquisition of Blue Atlantic Partners Fund III.
Atlantic Pacific now has 16 properties in Texas with nearly 5,500 apartments. The investor owns apartments in Arlington, Dallas, Fort Worth, Mesquite and The Colony.
Along with Texas, Atlantic Pacific has apartments in California, Georgia, North Carolina, Maryland and Florida.
Dallas-Fort Worth is the nation’s leading apartment investment market with nearly $ 16 billion in sales in the first nine months of 2021.