Dunleer Acquires 144-Unit Value-Add Apartment Property in Lake Highlands Neighborhood of Dallas, TX

09 March 2023


Los Angeles, CA - Dunleer, a Los Angeles-based private real estate investment and development firm, has acquired The Lex, a 144-unit value-add apartment community located at 9701 West Ferris Branch Boulevard in Dallas, TX. 

Built in 1984 and situated on 5.97 acres of land, the gated community features six floor plans with units averaging 825 square feet. The property includes 18 two-story residential buildings and a clubhouse/leasing center. On-site amenities include a swimming pool, grilling stations, dog park, media lounge, business center, coffee bar, complimentary and bicycle rentals, among others.  

BJ Turner, Founder of Dunleer stated, “We liked The Lex for a number of reasons including its historically high occupancy rate and ideal location in a thriving Dallas suburb. Over the next three to four years our plan is to renovate the classic apartment interiors and enhance the exteriors through upgraded landscaping, siding, color palette and outdoor amenities. Once renovated, we believe it provide an enhanced fit with the surrounding community, meeting the evolving demands and appetite of area renters.”

The Lex is well-located just 20 minutes from downtown Dallas and is within the Lake Highlands suburb which offers the highly acclaimed Richardson School District and is across the street from the state-ranked Thurgood Marshall Elementary School. The property provides easy access to Interstate 635 and Highway 75, allowing a quick commute to some of the area’s top employment hubs. Within a five-mile radius there are more than 230,000 jobs including two large medical centers. 

Kyle Spence, VP Acquisitions for Dunleer said, "Our recent acquisition of The Lex is a strategic move that aligns with our vision for expanding our portfolio in highly desirable neighborhoods with exceptional value-add opportunities. The property's prime location, coupled with the high demand and impressive rent growth in the immediate submarket, makes it a promising investment for us. We look forward to unlocking its full potential and delivering attractive returns for our investors." 

While the multifamily sector has been experiencing some investment slowdown with a higher interest rate environment, Dunleer continues to seek out value-add opportunities in key western and Sun Belt markets. This is Dunleer’s second asset in Dallas and the firm intends to pursue further acquisitions in Texas infill urban markets. 

IPA’s Taylor Hill, Drew Kile, Joey Tumminello, Michael Ware and Cameron Purse represented the seller, GVA Real Estate Group and procured the buyer, Dunleer. IPA Capital Markets’ Brian Eisendrath, Cameron Chalfant, Jake Vitta, and Jesse Zarouk arranged acquisition financing.

About Dunleer, LLC: Dunleer is a real estate investment and development company that specializes in niche-focused, value-add real estate investing in the Western United States and the Sun Belt. Dunleer offers a differentiated approach to investing through deep industry knowledge, operational expertise, a design-driven philosophy and long-term partnerships.