ZMR Capital has increased its footprint in Texas by nearly 1,000 units after acquiring two garden-style communities in Dallas expanding the Tampa Bay, Florida-based multifamily investment firm’s portfolio in the Lone Star State to approximately 2,500 units.
The two 1980s vintage properties are located within one-half mile of each other in Northwest Dallas, a submarket growing in popularity for its unique character and diversity of affordable housing options. The 440-unit Pecan Square at 3535 Webb Chapel, and the 308-unit Bayou Bend apartments at 3353 Lombardy Lane both feature a variety of one- and two-bedroom floorplans. Both communities offer residents a wide variety of amenities including swimming pools, barbecue and picnic areas, playgrounds and resident clubhouses.
ZMR will begin an extensive renovation of both properties that will include upgrades to unit interiors with new appliances, vinyl plank flooring, kitchen cabinets and tile back splashes. The multimillion capital improvement plan also will include enhancing building exteriors and common areas.
“The state’s economy continues to gain momentum following the pandemic, drawing increasing numbers of new residents looking for a lower cost of living and improved quality of life,” said ZMR CEO Zamir Kazi. “These properties sit within one the last affordable infill pockets in the Dallas metro and benefit from the significant tailwinds of increasing demand and limited supply of quality multifamily rental homes. We will continue to search out new opportunities to build our portfolio here in Dallas and throughout the great state of Texas.”
