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6/27/14
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In a big Texas multifamily buy, The Kislak Organization has purchased The Fairway Apartments, a 348-unit asset in the city of Grand Prairie. Built in 1984, the property is located at 1450 North State Highway 360, east of Watson Rd and north of I-30.
The Fairways is a garden-style apartment community with a mix of one- and two-bedroom apartment homes and townhomes. The units feature wood-burning fireplaces, walk-in closets, and private patios and balconies. Select newly renovated apartment homes feature wood flooring and stainless steel appliances. Community amenities include two resort-style pools, fitness center, BBQ area, golf course views and controlled access gate. Kislak’s enhancement plans include upgrades to the clubhouse and recreational facilities.
The Fairways is centrally located within the Dallas/Fort Worth “Metroplex,” and offers proximity to a wide variety of major employers, great schools, myriad recreation and entertainment options, plus exceptional access to highways and DFW airport. Within a three-mile radius of the property are the General Motors assembly plant, Six Flags Over Texas theme park, Texas Rangers’ Globe Life Park and Dallas Cowboys’ AT&T Stadium.
“Dallas/Fort Worth has a strong economy, and the anticipated population and employment growth is expected to generate long-term high demand for apartments,” said Thomas Bartelmo, president and CEO of Miami Lakes, FL-based Kislak Organization. “We purchased Arbors of Las Colinas in Irving, Texas, in 2005, and based on our success there, our acquisitions team has been working to expand our presence in the market. The Fairways is a perfect fit for our strategy of repositioning and enhancing properties, and a terrific addition to the Kislak portfolio.”
Blair Lang and Rob Key with HFF represented both parties in the transaction.
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