LaSalle Investment Management’s U.S. value-add fund, LaSalle Income & Growth Fund VII (Fund VII), has acquired Rienzi at Turtle Creek, a 152-unit high-rise rental apartment community in the affluent Turtle Creek submarket of Dallas.
LaSalle identified this as a unique opportunity for Fund VII to acquire a high-quality multifamily asset in a strategic market known for its strong population and job growth.
Built in 2002, Rienzi at Turtle Creek features large floor plans averaging 1,300 square feet and boasts attractive finishes including 10- to 12-foot ceilings, extra-large walk-in closets, granite countertops, recessed lighting, hardwood flooring, crown molding and balconies in the majority of units. Community amenities include a swimming pool and spa; a fully equipped 24-hour fitness center; a garden terrace with grilling area; an on-site dog park; concierge services; controlled garage access; and valet parking. The property is located in close proximity to major employment centers — including Uptown and Downtown Dallas, Medical District, Baylor University Medical Center, and Dallas Love Field — as well as abundant entertainment and retail options including Reverchon Park, Knox Henderson and The Shops at Park Lane. The adjacent Uptown neighborhood has also seen significant development in recent years, with an additional 2.3 million square feet in office development due to deliver by 2020, which has resulted in an influx of new retail and restaurant amenities.
LaSalle Investment Management is a global real estate investment manager. The LaSalle Income & Growth funds are the firm’s flagship closed-end U.S. value-add fund series, with the first fund in the series launched in 1996. Aggregate fund series capital commitments total $3.4 billion, with approximately $6 billion invested in more than 100 investments across all funds in the U.S. series. Fund VII seeks to acquire undermanaged, undercapitalized, or mispriced assets to be repositioned as core assets. Property-level investment strategies include lease-up, renovation/repositioning and ground-up development. Fund VII began acquiring assets in 2016.
