Luxury urban midrise multifamily property added to Kislak Organization portfolio
June 28, 2016
Miami Lakes, Florida, and Dallas, Texas – The Kislak Organization, a national real estate investment firm headquartered in Miami Lakes, Florida, has acquired McKinney Uptown in Dallas, Texas. The 144-unit midrise apartment complex is located at 3324 McKinney Avenue in the premier West Village neighborhood of Uptown.
“With luxury multifamily product in demand in urban Dallas, this upscale property in an exciting neighborhood has enormous potential,” said Tom Bartelmo, president and CEO of the Kislak Organization. “There are opportunities for distinctive upgrades that will enhance McKinney Uptown’s appeal and make it a great place to live, while retaining affordability for renters.”
Moran and Company Southwest represented the seller, a global financial institution. Team Mozer with George Smith Partners arranged the acquisition financing provided by Los Angeles-based Mesa West Capital. A portion of the loan proceeds will be used to finance significant interior and exterior upgrades. Kislak’s plans include enhancing the unit interiors, including installing washers and dryers, along with upgrading the lobby and common elements, property amenities and exterior. Cottonwood Residential, Kislak’s property management partner, will be responsible for day-to-day operations.
Constructed in 2003, the nine-story residential podium-style building over a three-level parking garage features a full-service salon, third-floor pool and sundeck, and a 10th floor fitness center with panoramic city views. A wide variety of employment centers, retail, restaurant and leisure activities are within walking distance, or can be reached via the M-Line Trolley at the doorstep and the nearby DART CityPlace Light Rail.
With this acquisition, the Kislak portfolio includes three multifamily communities in Dallas, and more than 2,000 units in properties nationwide. Backed by more than a century of real estate experience, the Kislak Organization has established an impressive track record of successfully acquiring and asset managing multifamily properties. Kislak is seeking additional acquisitions throughout the Sun Belt.
About The Kislak Organization
Established in 1906, the privately held Kislak Organization is based in Miami Lakes, Florida. Its primary lines of business are multifamily and commercial real estate ownership, asset management and brokerage, and tax lien certificate investment funds. The organization invests and operates nationwide on behalf of the Kislak family and its partners. For more information, visit www.kislak.com.
About Mesa West Capital, LLC
Mesa West Capital (www.mesawestcapital.com) is a privately held debt fund manager and portfolio lender with more than $3 billion in assets under management. With offices in Los Angeles, Chicago and New York City, Mesa West has been one of the leading providers of commercial real estate debt since its founding in 2004. Mesa West provides non-recourse first mortgage loans for core/core-plus, value-added or transitional properties throughout the United States. Mesa West’s lending portfolio includes all major property types with loan sizes ranging from $10 million up to $200 million. Since inception, the firm has sourced and closed more than 200 transactions totaling in excess of $8 billion.
214 303 0700
3324 McKinney Avenue
Dallas, Texas 75204