Next Wave Investors has acquired Casa Luna Apartments, a 232-unit apartment community in Dallas, Texas. This purchase brings the firm’s multifamily portfolio in the Dallas-Fort Worth metroplex to more than 300 units.
Next Wave acquired the property after recognizing an opportunity to immediately stabilize the asset though intense capital improvements and to leverage the strength of the high-growth Dallas market to maximize rent potential, according to Next Wave Principal Jordan Fisher.
“Dallas is one of the strongest markets in the United States, with a population that is growing by approximately 120,000 people per year,” says Fisher. “In fact, Dallas-Fort Worth had the largest population gains of any U.S. metro area from July 2020 to July 2021, according to Census Bureau Data. This increased population is largely fueled by the area’s continued economic and employment growth, which in turn has created a strong demand for quality housing.”
Fisher adds that the property, which was built in 1969, presents an opportunity to not only benefit from the upward pressure on rents in the market but to create value through extensive strategic renovations.
Next Wave plans to make significant capital improvements to transform and modernize the asset. Improvements will include renovating all units, enhancing the landscaping, addressing all roofing-related deferred maintenance, adding new paint to all exterior surfaces, and enhancing the antiquated boiler/chiller system.
Located just 10 minutes from downtown Dallas, the property offers residents with quick access to an abundance of employment, dining, entertainment, and retail offerings. Nearby shopping centers include The Shops at Park Lane, Walmart Neighborhood Center and El Rancho Supermercado.
Casa Luna Apartments is located at 8411 La Prada Dr E in Dallas, Texas.