Las Colinas Apartment Community Acquired, Rebranded as The Louis With Major Renovations Planned
IRVING, Texas - A 374-unit apartment community along Lake Carolyn in Irving's Las Colinas Urban Center has been acquired by a group of international investors and a U.S. apartment management company, with plans for extensive renovations and a new name.
Formerly known as The Crest at Las Colinas, the five-story community has been rebranded as The Louis Las Colinas following its acquisition by Belgium-based family offices Baltisse and Peruna in partnership with RPM Living.
The property offers studio, one- and two-bedroom apartments ranging from approximately 600 to 1,500 square feet.
The new owners plan a capital improvement program that will include renovations to apartment interiors, refreshed amenity areas and exterior improvements.
Existing amenities include a resort-style swimming pool, landscaped courtyard and Zen garden, resident lounge, fitness center and co-working space.
The property sits adjacent to the Las Colinas Urban Center DART station, giving residents rail access to DFW International Airport and downtown Dallas.
Its location also puts it near several major employers with operations in the Las Colinas area, including Wells Fargo, McKesson, Caterpillar and Kimberly-Clark. The Toyota Music Factory and Irving Convention Center are also nearby.
Andrew Lohrfink, president of U.S. Real Estate for Baltisse, said the acquisition fits the company's strategy of purchasing well-located apartment communities in growing markets and investing additional money to reposition the properties.
"The Louis Las Colinas fits squarely within Baltisse U.S. Real Estate's focus on investing in high-quality, well-located infill apartment communities at significant discounts to replacement cost," Lohrfink said.
For Peruna, the acquisition represents another step in the Belgium-based family office's expansion into international real estate.
"We have strong conviction in the long-term fundamentals of the U.S. multifamily market, particularly in dynamic and growing markets such as Dallas-Fort Worth," Peruna Co-CEO Eveline Vereecke said.
RPM Living Senior Vice President of Investments Jose Blanc pointed to the property's proximity to transit and employers as factors behind the investment.
"The property's transit-oriented location, proximity to major employers and position within the Las Colinas Urban Center make it a compelling opportunity to enhance an already well-located community," Blanc said.
The companies did not disclose the purchase price or the amount expected to be invested in renovations.
The Irving acquisition is Baltisse U.S. Real Estate's second U.S. multifamily investment in recent months. The company previously acquired The Carson, a 298-unit apartment community in Charlotte, North Carolina.
