Thursday, January 12, 2017

Alamo Manhattan sells its luxury Uptown lofts to Florida investment firm

The six-story luxury apartment community has sold to a Florida-based investment firm.
The six-story luxury apartment community has sold to a Florida-based investment firm.
Dallas-based apartment developer Alamo Manhattan has sold its Uptown luxury lofts — called Routh Street Flats — near the Katy Trail Icehouse to a Florida-based real estate investment firm.

Terms of the acquisition were undisclosed.

The Kislak Organization, which is based in Miami Lakes, acquired the Routh Street Flats, a 208-unit luxury mid-rise apartment complex at 3033 Routh St. in Uptown.

The real estate investment firm also acquired the McKinney Uptown Apartmentsnear the West Village earlier this year, with plans to expand its presence in the Dallas market because of its strong job and population growth, said President and CEO Tom Bartelmo.

"Routh Street Flats is a beautiful property in a vibrant neighborhood, making it a perfect fit for Kislak as we grow and elevate our multifamily portfolio," said Bartelmo, in a statement.

Team Mozer with George Smith Partners arranged the acquisition financing through Connecticut General Life Insurance Co. (Cigna Realty Investors). Moran and Co. Southwest represented the sellers, Alamo Manhattan.

Kislak has brought its property management partner, Cottonwood Residential, to oversee the day-to-day operations of the community.

The nearly two-year-old, six-story apartment community includes 149 one-bedroom units and 29 two-bedroom units with a gated parking garage.

See Full Article Here

Candace Carlisle/Dallas Business Journal.