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Texas

Turtle Creek apartment tower snapped up by local investor

The 152-unit, nine-story building on Fairmount Street in Dallas’ Oak Lawn district in Pegasus’ latest Texas acquisition

A photo illustration of the Reinzi at Turtle Creek apartment tower (Realtor.com, iStock)
A photo illustration of the Reinzi at Turtle Creek apartment tower (Realtor.com, iStock)

The Reinzi at Turtle Creek apartment tower has been snatched up by a Dallas-based investor.

Pegasus Real Estate purchased the 152-unit, nine-story building on Fairmount Street in Dallas’ Oak Lawn district in its latest Texas acquisition, according to Dallas Morning.

Pegasus Real Estate has previously acquired a San Antonio apartment community and two industrial buildings near Dallas-Fort Worth International Airport. The private investor targets “properties with unique attributes in strategic locations with favorable supply/demand fundamentals,” according to its website. The firm’s managing partners are Jonas Levy and Justin Laub.

Originally constructed in 2002 as a condominium complex, The Reinzi was later converted to rental units and has been owned by a Chicago-based investor since 2019.

(Source: Realtor.com)

Turtle Creek has apartments averaging 1,300 square feet, and the property includes a swimming pool and spa, a fitness center, a garden terrace with a grilling area and an on-site dog park.

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In 2021, the Dallas-Fort Worth area led the country in apartment investments with almost $28 billion in purchases.

The region’s rental market has exploded in recent years. Last year, Dallas-Fort Worth saw the sixth-highest increase in rental prices in the nation– a whopping 14.1 percent, according to an analysis by CoreLogic.

The demand for rentals has further been exacerbated by soaring housing prices. Median sales prices for single-family homes sold by real estate agents shot up by 23 percent in January compared with the same month last year.

The price gains come as housing inventory falls to lows. In more than two dozen counties studied by the Texas survey, only 5,620 single-family homes were listed for sale with agents –the lowest inventory of houses available for purchase in more than three decades. The number of houses listed for sale with real estate agents in Dallas-Fort Worth was almost 40 percent less than in January 2021.

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[Dallas Morning News] – Maddy Sperling