Keyway, the technology platform that radically simplifies commercial real estate transactions, announced the closing of its first acquisition in the Dallas-Fort Worth area, the 157-unit Lakeside on Spring Valley apartment community in Richardson.
The complex has 15 buildings with one- and two-bedroom residences, with an average unit size of about 771 square feet. It also has two resort-style swimming pools and frontage on a private lake. Its location at 1000 W. Spring Valley Road offers easy access to both Interstate 635 and Highway 75 and a quick commute to some of DFW’s major employment centers in Downtown Dallas, Plano, Allen, and McKinney. The Lakeside community will be rebranded after a $3.0 million renovation.
Keyway Co-Founder and CEO Matias Recchia, said: “We are excited to enter the Texas market with such a well-managed and well-known property. The fact that it has never traded before, coupled with the fact that the deal was transacted off market, are both a testament to how we are approaching Dallas and Texas overall; we want to be the best partner for owners and brokers who are serious about getting deals done smoothly and efficiently, and we expect this to be the first of many transactions for Keyway in the market.”
Keyway dramatically simplifies CRE transactions by reducing costs by 50% and transaction time by 90%, benefiting brokers, sellers, and buyers alike. Keyway also fills an important gap for those institutional investors not structured to handle smaller deals, while at the same time providing a predictable and efficient process for every transaction. The company has plans to facilitate at least $200 million in transactions by the end of the year.