Mixed-use know-how grows at key Lakeside apartment properties
Recent ownership and managerial moves at Nexus Lakeside and Elora Flower Mound are expected to improve these popular Lakeside apartment properties. AvalonBay Communities of Virginia purchased Nexus Lakeside on September 20, 2021, from Azure Partners LLC. (Azure purchased the property, originally named Elan Lakeside, in August 2016.) “AvalonBay is thrilled to be in the DFW area and in particular at Nexus Lakeside,” said Danyell Alders, head of the company’s residential services team for Texas and Colorado.
“The decision to purchase Nexus Lakeside,” Alders added, “was easy given the excellent community quality and the unique mixed-use attributes of the immediate area.” AvalonBay brings a history of developing and acquiring many mixed-use properties across the country, a stark contrast to the previous owner, whose portfolio contained very few mixed-use properties.
AvalonBay ranked as the nation’s third largest apartment owner in 2021 (according to Statista) with 80,094 apartment units in New England, the New York City metropolitan area, the Washington, D.C. metropolitan area, Seattle, and California.
The purchase of Nexus Lakeside added 425 apartment units (along with 17,000 square feet of retail space) to the portfolio of the publicly traded real estate investment trust (REIT). It is the REIT’s first foray into Texas since 2015.
(Among the Flower Mound properties that generate the highest ad valorem tax value, Nexus Lakeside ranks second, just behind the Lakeside Tower’s collection of condominiums. Elan Flower Mound, the only other market rate apartment community in Lakeside, ranks third.)
In January, more change came to Lakeside apartment properties — the 466 apartment units down the street at Elan.
Elan’s owners, BlackRock Realty Advisors, brought on Kairoi Residential, a San Antonio-based apartment developer and management company, to serve as community manager.
A self-described “boutique apartment property management company,” Kairoi caters to “sophisticated owners looking for a higher level of intelligence and strategy,” according to the company website.
“We have a narrow scope,” the site goes on to say, “and are suited for best-in-class assets where residents value service.”
(According to its website, the name Kairoi means “a moment in time when an opportunity is seized.”)
“We are proud that Lakeside is attracting the best-in-class in terms of long-term investment and management companies,” said Jimmy Archie, managing partner of Realty Capital, master developer of Lakeside.
“It signals that Lakeside has earned national recognition as a premier mixed-use community,” Archie added. “We are proud and happy for our stakeholders and the entire Flower Mound community.”
Over the past several months, Kairoi has begun rebranding the apartment community from Elan to Elora Flower Mound.
“Elora means light or sun ray,” explained Felicia Martinez, regional manager of Kairoi Residential. “It is a unique hybrid of ‘Elan’ and ‘Flora’ for a fresh, botanical nod that ties more closely to the location in Flower Mound.
“Being a popular girl name,” Martinez added, “Elora brings a feminine touch to this casual take on suburban luxe and rural charm.”
Kairoi manages several premier high-rise apartment buildings in DFW like Skye of Turtle Creek, Nove At Knox, and The Katy. Rents for a studio apartment at these buildings start at $1,630 (as of May 11), according to the company’s website.
Mid-rise properties in DFW include Gentry on M Streets, Lenox Maplewood, Darby Knox District, and Amelia at Farmers Market. All are located in highly desirable, urban locations.
“The goal for this community,” said Martinez, “is to position ourselves as a place where wellness abounds, happiness thrives, adventures flourish, because that’s the beauty of Elora.”
Major changes have yet to appear at Nexus Lakeside, but it is clear that AvalonBay has embraced mixed-use development as “the new formula for modern living,” as their website states.
“More and more,” the site goes on to say, “consumers are showing a growing desire to live in walkable work-play communities. Whether in the downtown area of large and small cities or in urbanizing suburbs, a significant lifestyle shift points to highly designed personal living space, shared social space, and public or publicly accessible amenities converging into one.”
And in addressing purchases such as Nexus Lakeside, the company website says the company seeks to “substantially add to our mixed-use portfolio … to create programmatic relationships with retail partners in great retail environments.”
Mid-rise, mixed-use projects include Avalon Public Market (San Francisco area), Avalon Towson (Baltimore area), Avalon Clarendon (Washington, D.C. area), and many more.
At some point, AvalonBay Communities may replace Highmark Residential as the property management company, as is normal when a new owner assumes control. Then, a name change may be forthcoming.
AvalonBay has developed three distinct brands for its properties: Avalon, Ava, and eaves by Avalon. The two most likely for the Lakeside property are Avalon — “live modern,” and AVA — “live awesome.”
One can rest assured the Lakeside apartment properties are in good hands.
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