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3/10/23
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L.A.-based Dunleer has acquired The Lex, a 144-unit value-add apartment community located at 9701 West Ferris Branch Boulevard in Dallas, TX. Built in 1984 and situated on 5.97 acres of land, the gated community features six floor plans with units averaging 825 sf in size.
The property includes 18 two-story residential buildings and a clubhouse/leasing center. On-site amenities include a swimming pool, grilling stations, dog park, media lounge, business center, coffee bar, complimentary and bicycle rentals, among others.
BJ Turner, Founder of Dunleer stated, “We liked The Lex for a number of reasons including its historically high occupancy rate and ideal location in a thriving Dallas suburb. Over the next three to four years our plan is to renovate the classic apartment interiors and enhance the exteriors through upgraded landscaping, siding, color palette and outdoor amenities. Once renovated, we believe it provide an enhanced fit with the surrounding community, meeting the evolving demands and appetite of area renters.”
The Lex is well-located just 20 minutes from downtown Dallas and is within the Lake Highlands suburb, which offers the highly acclaimed Richardson School District, and is across the street from the state-ranked Thurgood Marshall Elementary School. The property provides easy access to Interstate 635 and Highway 75, allowing a quick commute to some of the area’s top employment hubs. Within a five-mile radius there are more than 230,000 jobs including two large medical centers.
IPA’s Taylor Hill, Drew Kile, Joey Tumminello, Michael Ware and Cameron Purse represented the seller, GVA Real Estate Group, and procured the buyer, Dunleer. IPA Capital Markets’ Brian Eisendrath, Cameron Chalfant, Jake Vitta, and Jesse Zarouk arranged acquisition financing.
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