|New owners of The Grove apartments near White Rock Lake are|
renaming the community "The Zeke"
Wednesday, August 10, 2016
The Zeke: Dallas apartments renamed for Cowboys rookie Ezekiel Elliott
New owners of a Northeast Dallas apartment community want to bring a new vibe to the old project.
Built in 1969, the 282-unit Grove rental community near Easton and Garland roads near White Rock Lake was remodeled last year.
Buyer S2 Capital plans to spend another $5 million in upgrades.
And they are renaming the project after Dallas Cowboy rookie running back Ezekiel Elliott.
The Grove is now "The Zeke."
Actually the apartments are 26 years older than the Cowboys' rookie of the year.
But with upgraded interiors, a new pool area, fitness and community center, The Zeke is running almost 95 percent leased.
Rents in the property averaged just under $800 a month before sale.
Holliday Fenoglio Fowler LP negotiated the sale.
S2, which is based in Dallas, has been in business four years buying apartment properties.
S2 has acquired over 7,000 apartments valued at more than $400 million. The company has $80 million in upgrades and renovations.
Along with The Zeke, S2 also just purchased River Oaks Apartments, a 188-unit property located at 711 Brentford Place in Arlington
S2 plans to spend $2.5 million upgrades to the Arlington project.
"The population and job growth in Dallas have been remarkable, and continues to drive rent growth and occupancy", Scott Everett, Principal, S2 Capital said in a statement. "We are excited to add value to these communities and continue building our investment portfolio in the Dallas-Fort Worth marketplace."
Written by Steve Brown/Dallas Morning News