|Number of units||372|
Jones Lang LaSalle Americas. Inc. or its state-licensed affiliate has been exclusively retained to offer an opportunity for qualified investors to purchase the fee simple interest in Highland Park West Lemmon. Built in 2008, the 372-unit value-add asset provides an infill location at the doorstep of Dallas’s premier residential neighborhood, Highland Park, and offers residents a sophisticated, live-work-play environment. Located one block west of the Dallas North Tollway, Highland Park West Lemmon is at one of the most accessible sites in Dallas and is in close proximity to several of Dallas’ largest employment and entertainment destinations including Uptown, the Dallas CBD, the Medical District, and Dallas Love Field Airport, among others. The Property also features 18,343 SF of ground floor retail and is within walking distance to Whole Foods Market.
INSTITUTIONAL, CLASS “A” ASSET WITH UPSIDE POTENTIAL – The Property is an institutional, intown asset that offers residents a full set of community amenities. In addition, upside potential exists to add under cabinet lighting, backsplash, tech package, and faux wood flooring in upper level units to go along with modernizing the clubhouse and business center, upgrading the lighting in the common area corridors and garages, and adding additional pet yards.
SIGNIFICANT LEASING TRAFFIC & RENT INCREASES – The Property has been preforming incredibly strong in recent months as evident by the 298 pieces of total traffic in the month of July. Highland Park West Lemmon has also seen approximately $74 increases on renewals and roughly $105 increase on the last 20 new leases.
INFILL LOCATION WITH AFFLUENT DEMOGRAPHIC BASE – Highland Park West Lemmon’s infill location is well-positioned to take advantage of the area’s affluent demographic base. The wealth within this prestigious location is evident given the average household income within a three-mile radius is over $135,763 with an average home price in excess of $889,836.
RENTAL RATE GAP WITH LIMITED NEW SUPPLY – Targeting a rental price point below comparable Class A vintage Uptown assets, the Property sits at a discount of approximately $415 leaving extensive room to push rents while still remaining attractive to more price-conscious tenants. Furthermore, there are only 553 units under construction in the submarket.
EXTRAORDINARY VISIBILITY WITH EXCEPTIONAL CONNECTIVITY – The Property is afforded excellent access and visibility as it is positioned along Lemmon Avenue, which provides direct access to Dallas Love Field and Uptown. Additionally, the Property sits just blocks from the Dallas North Tollway.