Sares Regis buys 325 luxury asset units in Dallas


The heights of Park Lane

The Sares Regis Group has acquired The Heights at Park Lane, a community of 325 Class A + units in Dallas, according to public records. LACERA sold the high-end property in the Telecom Corridor submarket.

The buyer financed the purchase with an $ 89.9 million loan issued by KKR Real Estate Finance Trust, according to Dallas County records.

The property previously known as Park Lane was last traded in early 2020, when the current seller purchased the LEED-Silver certified property in Northwood Ravin, according to data from Yardi Matrix. LACERA financed this acquisition with a financing package of $ 38.6 million provided by TIAA.

The heights of Park Lane

Located on over 33 acres at 8066 Park Lane, the property features one to three bedroom units with floor plans between 677 and 3,224 square feet as well as penthouse options up to 3,819 square feet.

Built in 2009, the property comprises three residential components of varying heights, three, 15 and 20 stories respectively, as well as a four-level garage with 505 parking spaces as well as 45,000 square foot retail space. .

The animal-friendly community includes two swimming pools, two terraces, a wellness and fitness center, a conference room, a lounge equipped with a pool table and a gourmet kitchen, a grill area, a fire pit. with sitting area, a playground with a dog park.

Heights at Park Lane is within walking distance of several shops and restaurants, within 2 miles of the White Rock Creek Greenbelt and within 3 miles of Southern Methodist University. Downtown Dallas is approximately 7 miles to the south.

Last July, Sares Regis Group paid nearly $ 96 million for a 299-unit skyscraper in downtown San Diego. The company rebranded the community as LIT Cortez Hill and set aside some funding to reposition the property.


Comments are closed.