Wednesday, January 18, 2017

Rents Remain On The Rise With Job And Population Growth


Routh Street Flats is a 208-unit midrise apartment complex located in Uptown.


DALLAS—Uptown gets high marks for walkability and in general, is the hip place to be in Dallas. A wide variety of employment centers, retail, restaurant, nightlife, arts and culture, and the M-Line Trolley are within easy walking distance.
Within Uptown, Routh Street Flats is a 208-unit midrise luxury apartment complex built in 2015 located at 3033 Routh St. The complex was recently acquired by The Kislak Organization from seller Alamo Manhattan for an undisclosed purchase price. With this acquisition, the Kislak portfolio now includes four multifamily communities in the Dallas/Fort Worth market, including McKinney Uptown Apartments, and more than 2,000 units in properties nationwide.
“Routh Street Flats was purchased at a discount to replacement cost, and the price was in line with other new construction multifamily buildings within the Dallas metroplex and in major metropolitan markets across the country,” Tom Bartelmo, president and CEO of the Kislak Organization, tells GlobeSt.com.
The class-A six-story building has 149 one-bedroom units and 29 two-bedroom units, and a gated parking garage. The unit interiors feature granite countertops and designer fixtures, along with spacious 9-foot ceilings and 8-foot doors. The property’s amenities include a rooftop terrace with city views, infinity pool, fitness center, business center, bike repair station, pet park, resident lounge, firepits and picnic area.
“We are pleased to increase Kislak’s presence in the Dallas market, where strong job and population growth continue, and rents remain on the rise,” said 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.”
Lisa Brown/GlobeSt.