Chicago Investor Takes Big Stake in Dallas' South Side Neighborhood

A Chicago-based real estate firm has made a big investment in Dallas' near south side.Waterton - which has more than $3.5 billion in property holdings around the U.S. - has purchased the new South Side Flats by Jefferson apartments on Lamar Street south of downtown.The 290-unit rental community is just blocks from Dallas' convention center and was developed by Irving-based apartment builder JPI and Matthews Southwest, which is developing the South Side on Lamar district."South Side Flats is attractive to residents and investors alike, offering extensive modern amenities and services while maintaining an authentic neighborhood feel," Matt Brendel, senior vice president and development partner at JPI, said in a statement. "The performance of the community exceeded our expectations, due in part to the growth of the dynamic neighborhood and the community's thoughtful urban design and higher level of service."The project is one of the most visible additions to the neighborhood that includes the historic Sears Roebuck & Co. building, the Dallas Police headquarters and the new Alamo Drafthouse theater.The apartments were funded in part with contributions from the Dallas Police & Fire Pension System.Terms of the sale to Waterton were not disclosed. The development cost more than $30 million to build.Waterton has about 15,000 apartments in more than a dozen states.The Illinois investor already owns apartments in Plano and Garland.  Continue reading...

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