Mill Creek and AEW Capital Management Acquire Lakewood on the Trail in Dallas
Strategic Acquisition Adds 352 Apartment Homes to Mill Creek’s Portfolio as Part of the Company’s “Buy Where we Build” Strategy
DALLAS – March 4, 2014 – Mill Creek Residential, a national apartment developer, investor, owner and operator, and AEW Capital Management, L.P. (AEW), one of the world’s leading real estate investment advisors, announced that through a joint venture they have acquired Lakewood on the Trail, a 352-unit garden-style community in Dallas. Including Lakewood on the Trail, Mill Creek has acquired more than 2,000 apartment homes across the country since 2012 as part of the company’s “buy where we build” strategy. AEW acquired the property on behalf of one of its institutional clients.
“Mill Creek’s acquisition philosophy is to acquire high-quality communities with redevelopment potential in irreplaceable locations in markets where we’re actively developing new communities,” said Wes Dickerson, Managing Director – Acquisitions. “Lakewood on the Trail is an ideal reflection of this strategy, and will soon have a sister community in Avenue H Apartments, a new Mill Creek community under development in Dallas’s Knox neighborhood that will deliver in the summer of 2014.”
Lakewood on the Trail is ideally situated in the affluent Lakewood neighborhood just minutes from downtown Dallas. The community is adjacent to Lakewood Country Club, one of Dallas’ premier golfing destinations, and within walking distance of the Lakewood Village Shopping Center. Just minutes north of Interstate-30 (I-30) and just two miles east of Central Expressway (US-75), residents here enjoy easy access into Downtown Dallas. In addition, Lakewood on the Trail is positioned near numerous surrounding amenities including the Dallas Arts District, the Knox/Henderson Entertainment District, Baylor Medical Center, White Rock Lake, NorthPark Center, Southern Methodist University and Whole Foods.
The community comprises one- and two-bedroom apartment homes. The new ownership will update the interiors of the units and enhance resident amenities. The apartment homes feature crown molding, designer paint, individual washer and dryer and vaulted ceilings. Community amenities include a fitness center, clubhouse, three pools and spas, outdoor kitchen and covered parking.
For leasing information, please contact the Lakewood on the Trail Leasing Team at 855.456.0493 or visit the community’s website at www.LakewoodOnTheTrail.com.
About Mill Creek Residential
Mill Creek Residential Trust LLC is a national multifamily company focused on the development, acquisition and operation of apartment communities in targeted markets nationwide. The company proactively pursues development, acquisition and construction opportunities through its seasoned team of real estate professionals in 14 offices across the United States. Mill Creek is building its portfolio in many of the nation’s most desirable apartment markets in Seattle, Portland, the San Francisco Bay area, Southern California, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Washington, D.C., New Jersey, New York, and Boston. Currently, the company’s portfolio comprises 29 communities representing nearly 13,000 apartment homes that are operating, under construction or in planning.
Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide. One of the world’s leading real estate investment advisors, AEW and its affiliates manage over $37 billion of capital invested in $50.8 billion of property and securities in North America, Europe and Asia (as of September 30, 2013). Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, London, Paris, Hong Kong and Singapore, as well as additional offices in nine European cities. For more information please visit www.aew.com.