Real Estate Investment and Management Firm Grows Sun Belt Apartment Portfolio
June 25, 2014
Miami Lakes, Florida, and Grand Prairie, Texas – The Kislak Organization, a national real estate investment firm headquartered in Miami Lakes, Florida, is growing its presence in the Dallas/Fort Worth market. Kislak recently closed on the purchase of The Fairways Apartments, a 348-unit multifamily community in Grand Prairie.
“Dallas/Fort Worth has a strong economy, and the anticipated population and employment growth is expected to generate long-term high demand for apartments,” said Thomas Bartelmo, president and CEO of the Kislak Organization. “We purchased Arbors of Las Colinas in Irving, Texas, in 2005, and based on our success there, our acquisitions team has been working to expand our presence in the market. The Fairways is a perfect fit for our strategy of repositioning and enhancing properties, and a terrific addition to the Kislak portfolio.”
The Fairways is an attractive garden-style apartment community in Grand Prairie, which boasts the combination of convenient location and friendly hometown atmosphere. Built in 1984, The Fairways offers a mix of appealing one- and two-bedroom apartment homes and townhomes with wood-burning fireplaces, walk-in closets, and private patios and balconies. Select newly renovated apartment homes feature wood flooring and stainless steel appliances. Community amenities include two resort-style pools, fitness center, BBQ area, golf course views and controlled access gate. Kislak’s enhancement plans include upgrades to the clubhouse and recreational facilities.
The Fairways is centrally located within the Dallas/Fort Worth “Metroplex,” and offers proximity to a wide variety of major employers, great schools, myriad recreation and entertainment options, plus exceptional access to highways and DFW airport. Within a three-mile radius of the property are the General Motors assembly plant, Six Flags Over Texas theme park, Texas Rangers’ Globe Life Park and Dallas Cowboys’ AT&T Stadium.
With this acquisition, the Kislak portfolio now includes two multifamily communities in Texas, 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, repositioning and managing multifamily properties. Attention to detail and commitment to excellence are cornerstones of the organization. The highly regarded JIK Properties operations team is known for efficient and effective property management and oversight, and for its wealth of knowledge and expertise.
“We are pleased to bring Kislak’s personal, high-quality touch to The Fairways community, while we continue to look for additional opportunities in the Dallas/Fort Worth area,” Bartelmo said. “As always, we focus on building relationships, and enhancing community value for our residents and investors.”