openPR Logo
Press release

HLC Equity Acquires 330-Unit Class A Multifamily Community in Prime Dallas Location

12-17-2021 08:37 AM CET | Industry, Real Estate & Construction

Press release from: HLC Equity

The amenity-packed community, located in the bourgeoning Farmers Branch sub-market will undergo a property rebrand and be operated

The amenity-packed community, located in the bourgeoning Farmers Branch sub-market will undergo a property rebrand and be operated

Dallas TX, December 14th, 2021 – HLC Equity, a national real estate investment holding group and property manager, has announced the purchase of Elan City Centre, a 330-unit, Class A, infill multifamily community located in the Farmers Branch submarket within the Dallas-Plano-Irving MSA. The property will be rebranded to Layers Galleria and will be operated by HLC Equity’s unique operating model and brand.

According to HLC Equity, Layers Galleria is strategically positioned in a highly visible location at the intersection of Dallas’ most heavily traveled thoroughfares, Interstate 635 and the Dallas North Tollway, adjacent to The Galleria. The property is located 10 miles from both the Downtown/Uptown and Plano/Frisco submarkets and is next to Addison, which offers the highest concentration of dining in the DFW metro. Community residents benefit from being within minutes of the city’s high-profile employment centers, and it is projected that this sub-market will continue to benefit from future population and job growth within the Dallas market. The property’s immediate sub-market has recovered from negative impacts of the Covid-19 pandemic faster than the national average, and Costar is projecting above 10% year over year increases in rental demand in the area.

Built in 2013, Layers Galleria is a 250,000 square foot highly amenitized building that features a resort style swimming pool, a 24-hour fitness center, a tanning spa, community clubhouse with ample co-working space with a coffee bar and gourmet club kitchen, a communal computer loft & lounge, executive business center with a conference room, an entertainment lounge, a dog park, and community bicycles. The average unit size at the property is 771 square feet, and units benefit from high-end finishes that include Nest Thermostats, energy-efficient stainless-steel appliances, stylish LED lighting, smart locks, and oversized soaking tubs.

Layers Galleria will be operated by HLC Equity’s proprietary Layers brand and operating model, which will include offering residents a hybrid of serviced apartments and conventional apartments, along with a top-notch community experience, with a focus on tech implementation for more efficient operations and community building. Layers has invested in developing a top-of-the-line technology stack while also aiming to serve community residents better by utilizing items such as the Layers community App, offering flexible living options, ongoing digital and live community events, and the Layers community loyalty program called Layers Unlimited.

“We are very pleased to have completed the acquisition of this prime located property. Our acquisition team works relentlessly to identify properties in which we feel we can derive long-term value for both our residents and investors” said Daniel Farber, CEO of HLC Equity. “Additionally, between the attractive basis of which we were able to purchase this property, the prime location next to a plethora of entertainment venues and the city’s top employers, along with the added value we intend to bring to this community through our unique operating model, this acquisition represented an ideal property for our platform.”

HLC Equity will also implement specific value-added renovations to enhance select units at the property, along with certain operational streamlining measures to add value for investors and residents alike.

Significant investment partners in this transaction include a roster of high-net-worth individuals and family offices, the principals of HLC Equity, Schneider Downs Corporate Finance, and Hampshire Companies. The transaction was brokered by Drew Kile, Joey Tumminello, Will Balthrope, Michael Ware, Taylor Hill and Asher Hall of the Institutional Property Advisors (IPA) of Dallas. The brokers in this transaction have noted that HLC Equity was identified as the most well-qualified buyer for the acquisition in a highly competitive market.

The acquisition price for this transaction was not disclosed, however, the company has indicated that it was purchased well below replacement cost and below current acquisition comp sets within the property sub-market.

For further press inquiries or interviews please contact admin@nobelpeak.com

About HLC Equity (www.hlcequity.com)
HLC Equity is a 70+ year-old multigenerational company, with an expansive real estate portfolio, the entrepreneurial spirit of a startup, and institutional-level execution. HLC Equity utilizes its real estate portfolio to carry out its mission of building thriving communities. The company maintains a diverse portfolio, having owned and managed over seven million gross square feet of commercial, residential, and development land in 25 states. HLC Equity applies a disciplined, time-tested approach to each property, seeking to acquire and improve high-performing assets with an attentive eye to surrounding neighborhoods and communities. Through HLC Equity’s HLC Direct platform, the company offers accredited investors the opportunity to invest in institutional assets right alongside the company principals.

HLC Equity is also the Founding Sponsor of the PropTech360 event series, a Global Real Estate and Technology Summit.

About Layers
Layers offers an innovative multifamily operating model that provides a hybrid between serviced apartments and conventional apartments, communal living, hospitality, and technology in traditional multifamily communities. Backed by an established, multi-generational real estate owner, the Layers team is paving the way for the future of multifamily real estate operations by understanding what owners need while also delivering value to community residents. With flexible living options and a tailored loyalty program called Layers Unlimited, Layers community members get all the perks of modern apartment living with charming hospitality. Stay for months or stay for decades.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release HLC Equity Acquires 330-Unit Class A Multifamily Community in Prime Dallas Location here

News-ID: 2502229 • Views: 312

More Releases from HLC Equity

HLC Equity Breaks into Oklahoma with Acquisition of 208-Unit Multifamily Communi …
Company Pays $21M for Garden Style Community in an Emerging Sub-Market that has Experienced Significant Economic and Demographic Growth Over the Past Decade Durant, Oklahoma (June 15th, 2021) – HLC Equity, a national real estate investment holding group and property manager, has announced the purchase of High Meadows, a 208-unit, Class A, garden style multifamily community located in Durant, Oklahoma. According to HLC Equity, High Meadows is strategically positioned to benefit
HLC Equity Launches Direct-To-Consumer Investment Platform: HLC Direct
HLC Equity, a leading real estate investment and management firm, is pleased to announce the formation of a direct-to-consumer real estate platform targeting high-growth and core investment opportunities. The platform, HLC Direct, will offer private investors the opportunity to invest alongside HLC Equity in institutional quality real estate investments managed by the HLC team. HLC Equity’s current investors include private equity real estate companies, family offices, wealth advisors, and executive-level,

More Releases for Layers

Technological Advancements in Cloud Computing Stack Layers Market
HTF Market Report released a new research document of 110 pages on industry titled as 'World Cloud Computing Stack Layers Market Research Report 2023(Covering USA, EU, China, South East Asia, India, Japan and etc)’ with detailed analysis, Competitive landscape, forecast and strategies. The study covers geographic analysis that includes regions like USA, Europe, Japan, China, India, South East Asia and important players/vendors such as Microsoft, Citrix, Nutanix, DELL, Pure Storage,
Cloud Computing Stack Layers Analysis by Manufacturers, Types and Application
The report provides a comprehensive analysis of the Cloud Computing Stack Layers industry market by types, applications, players and regions. This report also displays the production, Consumption, revenue, Gross margin, Cost, Gross, market share, CAGR, and Market influencing factors of the Cloud Computing Stack Layers industry in USA, EU, China,India, Japan and other regions, and forecast to 2022, from 2017. View Complete Report: https://www.researchbeam.com/2017-global-cloud-computing-stack-layers-industry-research-report-market Market Analysis by Players Amazon Web Services Salesforce Microsoft Azure IBM Google Cloud
Plywood sheet material manufactured from thin layers or "plies"
Plywood is a sheet material manufactured from thin layers or "plies" of wood veneer that are glued together with adjacent layers having their wood grain rotated up to 90 degrees to one another. Plywood has been one of the most recognized and trusted wood building products for decades. Manufactured from thin sheets of cross-laminated veneer and bonded under heat and pressure with strong adhesives, plywood panels have superior dimensional stability
Cloud Computing Stack Layers Market – Strategic Assessment and Forecast Till 2 …
ICRWorld’s Cloud Computing Stack Layers market research report provides the newest industry data and industry future trends, allowing you to identify the products and end users driving Revenue growth and profitability. The industry report lists the leading competitors and provides the insights strategic industry Analysis of the key factors influencing the market. The report includes the forecasts, Analysis and discussion of important industry trends, market size, market share estimates and profiles
Europe Cloud Computing Stack Layers Market Research Report 2017
Market Research Hub (MRH) has recently publicized a new study to its vast repository, which is titled as “Europe Cloud Computing Stack Layers Market Research Report 2017”. This report studies the Cloud Computing Stack Layers market status and outlook of Europe and major countries, from angles of players, countries, product types and end industries; this report analyzes the top players in Europe and major countries, and splits the Cloud Computing Stack
The many layers of Bella Asmara
Asmara, the capital of Eritrea, is a much admired time capsule reflecting the Italian "dolce vita" of the 1930s. A cluster of modernist buildings has been preserved at the city centre – an Italian futurist vision erected by Mussolini's colonial administration. The postcolonial context of this cultural gem has now been documented in a project funded by the Austrian Science Fund FWF. Asmara, the capital of the young state of Eritrea,