DALLAS, TX – Waterton, a U.S. real estate investor and operator, announced it has bought South Side Flats, a 288-unit rental community at 1210 S. Lamar St. in the Cedars neighborhood of Dallas – immediately south of the city’s central business district.

Built in 2016, South Side Flats offers a mix of studio, one- and two-bedroom apartments in a highly accessible location, with a dedicated walkway to the Cedars DART station, which serves the Red and Blue lines. The Cedars neighborhood has seen many historic buildings revitalized and transformed into well loved shops, restaurants and nightlife destinations in recent years. The neighborhood is also home to the Kay Bailey Hutchison Convention Center and Dallas Farmers Market.

“The property’s proximity to the central business district, which employs 140,000 people, makes South Side Flats an ideal location for young professionals,” said Matthew Masinter, senior vice president of acquisitions at Waterton. “The access to public transit and nearby expressways is also a huge selling point, allowing residents to easily commute to any destination that isn’t within walking distance.”

South Side Flats consists of two four-tale residential buildings connected by a five-tale parking deck. The property offers numerous amenities such as a rooftop skyline lounge with fireplace and grill, courtyard with hand-painted artwork, outdoor swimming pool with sun deck, 24-hour fitness center with yoga studio, resident club room, and fully equipped business center. The property also features 1,788 square feet of ground-floor retail space.

Individual residences at South Side Flats currently feature modern kitchens with granite countertops, tile backsplashes and stainless steel appliances, as well as in-unit laundry and private patios or balconies. Smart home technology, which was installed in some units prior to Waterton’s acquisition, will be introduced by Waterton into the remaining apartments. This technology provides residents with keyless entry and the ability to control in‐unit lighting and temperature from their smartphones.

“Waterton is focused on enhancing the lifestyles of our residents through innovation” said Masinter. “We are constantly looking to leverage technology in order to add convenience and promote efficiency. Although South Side Flats is a newly constructed community, we view the installation of smart-home technology as a way to further elevate the residential experience while simultaneously helping South Side Flats compete with other newly constructed communities nearby.”

South Side Flats marks Waterton’s third multifamily acquisition in 2017. The firm owns and manages four other rental communities in Texas, including two in the Dallas-Fort Worth metropolitan area, totaling nearly 1,750 units.

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SOUTHAVEN, MS – CAPREIT, a national real estate development and investment company responsible for the ownership and management of more than $5 billion of multifamily assets, announced the acquisition of Legacy Crossing, a 430-unit apartment community in the Mississippi suburbs of Memphis.

Situated less than 30 minutes from downtown Memphis, the community is close to the city’s primary thoroughfares and within a 15-minute drive of Memphis International Airport. CAPREIT will renovate the community and implement upgrades to select apartment homes.

“Legacy Crossing is an affordable community positioned on brilliant property that is ripe to be improved,” said Brendan Majev, a senior acquisitions associate for CAPREIT. “We intend to invest a significant amount of money in order to better serve the local community. In doing so, it is our hope and belief that the company’s improvements to the property will make a positive impact on the local schools and children who attend them.

“A desirable community makes increasingly friendly surroundings, and our acquisition of Legacy Crossing allows a clear opportunity to improve the lives of our residents, which is CAPREIT’s core mission.”

CAPREIT’s plotted renovations for Legacy Crossing include new cabinets, appliances and sheet vinyl flooring in living areas, kitchens, entryways and bathrooms, and upgraded countertops in select homes. Existing amenities at the pet-friendly community include a clubroom, three pools, multiple laundry facilities and complimentary parking.

Located at 7560 Chesteridge Avenue, Legacy Crossing is within minutes of Route 51, which is adjacent to Southaven Middle and High School. Nearby transportation arteries, including Route 61, Interstate 40, and Interstate 69 offer convenient access to professional employment opportunities throughout the Memphis metro area. Major employers include AutoZone, International Paper Co. and Federal Express (more commonly “FedEx”), Memphis’ largest company, with 30,000 local employees. The community is also a small drive from Interstates 55 and 240, the gateways to downtown Memphis.

Nearby attractions include the Southaven Towne Center, Arena at Southaven Expo Center, Casino Tunica, Snowden Grove Amphitheater, Tanger Outlet Mall, FedEx Forum and Landers Center (where the Memphis Grizzlies’ NBA Development League will launch in the fall of this year). Legacy Crossing is also a small drive from the historic Graceland and Mississippi River Park, which offers a bevy of various outdoor recreation activities.

Legacy Crossing consists of 1-, 2- and 3-bedroom patio-style apartment homes ranging from 711 to 1,063 square feet. The apartments feature vaulted ceilings with lighted fan, washer and dryer connections, central heating and air conditioning, spacious closets and extra outside enclosed storage area.

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