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|Number of units||352|
Jones Lang LaSalle Americas. Inc. or its state-licensed affiliate has been exclusively retained to offer an opportunity for qualified investors to purchase the fee simple interest in Lakewood on the Trail (the “Property”), a 352-unit asset with value-add potential located in the heart of the prestigious Lakewood neighborhood. Built in 1987, the Property is strategically located adjacent to Lakewood Country Club, which provides a quaint neighborhood feel.
This premier site offers residents immediate access to an abundance of neighboring amenities including the Dallas Arboretum, White Rock Lake, the Santa Fe Trail, and the Dallas CBD. Lakewood on the Trail represents an opportunity to acquire a high-quality, core asset in one of Dallas’ most desirable areas. In addition, the Property has seen tremendous rent growth as effective rents have increased 17.6% on the recent trade out report. Furthermore, the property feeds into Lakewood Elementary School, one of the highest rated schools in Dallas.
Value-Add Potential – While the Property received some updates in 2016, upside potential exists which could include the addition of stainless steel appliances, faux wood flooring throughout, modern lighting, tech package, and adding a parcel locker system. Additionally, rents at Lakewood on the Trail lag competitive properties by over $240.
Institutional Community with Capital Improvements – Lakewood on the Trail is a well-maintained asset in an ideal location. The Property is in excellent physical condition as current ownership has invested nearly $6.25MM of capital into the asset including exterior improvements consisting of exterior painting and lighting, new signage, landscaping, wood siding repair and remodeling the clubhouse and
Infill Location with Affluent Demographic Base – The Property’s infill location is well-positioned to take advantage of the area’s affluent demographic base. The wealth within this premier location is evident given the average household income within a one-mile radius is over $125,289 with an average home price in excess of $575,430.
Unparalleled Resident Setting with Neighborhood Feel – Lakewood on the Trail is highlighted by low-density living surrounded by mature tree-lined streets, and an all two-story design providing residents a tranquil single-family residential neighborhood setting. In addition, the Property is located less than one mile from Whole Foods and is adjacent to the Santa Fe running/biking trail.