Turtle Creek Apartment Tower Goes to International Property Investor

An international investor has snapped up a Turtle Creek high-rise.LaSalle Investment Management purchased the 152-unit Rienzi at Turtle Creek apartment building on Fairmount Street in Dallas' Oak Lawn district.Built in 2002, the 9-story building was originally built as a condominium and later converted to rental.LaSalle Investment Management plans to make upgrades to the property and continue operating it as an apartment building."Rienzi at Turtle Creek was particularly attractive to us in that it was originally constructed as a condominium, offering condo-level finishes and amenities at competitive rental rates," Summit Walia, Managing Director of Acquisitions at LaSalle, said in a statement. "By addressing deferred maintenance and completing renovations to the common areas and unit interiors, we believe we can deliver a desirable product that drives rent growth while offering rates that represent a significant discount to those at comparable new construction high rises in the area."The building was purchased for the investor's LaSalle Income & Growth Fund VII.With units averaging 1,300 square feet, the property includes a swimming pool and spa, 24-hour fitness center, garden terrace with grilling area and an on-site dog park.LaSalle Investment Management is one of the world's largest real estate investment managers with more than $65 billion of assets.  Continue reading...

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