Chicago investor takes Dallas Design District apartments

One of the largest rental communities in the Dallas Design District has sold to a Chicago investor.

The Waterton Company purchased the 400-unit Alta Strand apartments on Market Center Boulevard on Turtle Creek Boulevard.

The five-story rental project was built in 2017 by developer Wood Partners. The project includes a resident lounge, two swimming pools, a fitness center, three outdoor courtyards and a club room.

Alta Strand rents start at nearly $ 1,300 per month.

With the purchase of the Design District, Waterton now has 2,900 apartments in the Dallas-Fort Worth area.

“We look forward to expanding our presence in Dallas and benefiting from the employment and population growth the market has seen over the past decade,” said Jeremy Stern, vice president of acquisitions at Waterton, in a statement. “And this relatively new community is well located in the Dallas Design District, one of the most popular and fastest growing neighborhoods in the city.

“The neighborhood is known for its showrooms, art galleries and restaurants,” said Stern. “It has grown into a true live work-play community offering an urban lifestyle with easy access to major employment centers.”

The new owner is planning updates to some of the rental units. The community will be renamed Abstract in the Design District.

Waterton has been in business since 1995 and owns $ 7.7 billion in apartment properties nationwide. In the Dallas area, it owns the South Side Flats near downtown, the Mockingbird Flats near SMU, and Gramercy on the Park in Far North Dallas.

The D-FW area was the country’s leading home sales market in the first half of 2021, with thousands of units changing hands.

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