Florida investor takes apartments and retail near Highland Park

Written by Desmond

December 17, 2021

A Miami investor has added to its Texas holdings with the purchase of a large apartment community on the edge of Highland Park.

Atlantic Pacific Cos. bought the 372-unit Highland Park West Lemmon apartments on Lemmon Avenue near the Dallas North Tollway.

Built in 2008, the five-story building includes 18,000 square feet of retail space facing Lemmon Avenue. JHP Architecture designed the project.

Rental units in the community range from 503 to 1,749 square feet, and there are two swimming pools and a fitness center.

Rents in the property start at more than $1,100 a month.

“Highland Park West Lemmon, soon to be renamed The Atlantic Highland Park, is located in one of Dallas’ premier neighborhoods,” Greg Ward, chief investment officer at Atlantic Pacific Real Estate Group, said in a statement. “This property is a great addition to our growing Texas portfolio and furthers our strategy of buying exceptional properties in growing markets at compelling prices.”

The new owner plans a multimillion-dollar renovation of the property.

The Dallas purchase is the seventh acquisition for the Blue Atlantic Partners Fund III.

Atlantic Pacific now has 16 Texas properties with almost 5,500 apartments. The investor has apartments in Arlington, Dallas, Fort Worth, Mesquite and The Colony.

Along with Texas, Atlantic Pacific owns apartments in California, Georgia, North Carolina, Maryland and Florida.

Dallas-Fort Worth is the country’s top apartment investment market with almost $16 billion in sales in the first nine months of 2021.

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