SOURCE: Lincoln Property Company

Lincoln Property Company

April 09, 2015 05:00 ET

LaSalle Announces Major Facelift for Iconic Apartment Community in Las Colinas

DALLAS, TX--(Marketwired - Apr 9, 2015) - LaSalle Investment Management will soon unveil a major renovation and rebranding strategy for their recently acquired 908-unit apartment community located in the Urban Center of Las Colinas.

Originally constructed in 1987, with a second phase following in 1995, The Shores at Las Colinas was the first multifamily property constructed within the Urban Center and is situated on the largest parcel of land with an expansive 2,400 feet of frontage on Lake Carolyn. The project boasts six outdoor courtyards with gas lanterns and fireplaces, five swimming pools, deck parking, boutique retail shops and restaurants, a lakefront path and gondola boats.

Ty Spearing, Managing Director at LaSalle, says of the project "We are very excited not only to restore this once iconic property to its original prominence within Las Colinas, but reposition it with the best resident amenity package in the market in addition to completely modernizing unit interiors. We also look forward to creating the right combination of retail tenancy to be symbiotic with today's technology and social media savvy and busy renters."

Renamed "Alesio Urban Center," a name that connotes a Modern European Village, fits nicely within its unique original Mediterranean architecture. Alesio will provide a walkable lifestyle to its residents with an impressive 52,000 square feet of boutique retail and restaurant space along Las Colinas Boulevard.

Spearing and the LaSalle team believe the Urban Center is on the cusp of becoming a highly desirable high density mixed use urban-like node within the suburbs. "With the anticipated opening of the Music Factory and all its attached entertainment venues, close proximity to both the Irving Convention Center and high quality office buildings, and the subsequent additional retail that will likely follow, Alesio's location should differentiate from Las Colinas multifamily properties outside of the Urban Center," stated Spearing. 

Lincoln Property Company has been named to manage the property on behalf of LaSalle. "We are extremely pleased to have the opportunity to work with LaSalle along with their consultants and partners on this unique and distinctive project," stated Jay Parmelee, Vice President in the DFW area for Lincoln. "Our firm has extensive experience successfully re-positioning quality assets such as Alesio Urban Center and we look forward to meeting the challenges and expectations that come with this assignment." 

Alesio Urban Center will soon offer an amenity package to include numerous modern conveniences for residents, a collection of open gathering and collaboration spaces, and multiple entertainment options, all with the latest advances in technology, connectivity, and design style. While the specific plans are still being finalized, the new amenities could include: 1) a completely new fitness center incorporating a yoga/pilates/spin studio, boxing bags, and video fitness capabilities; 2) a lakeside interior/exterior Aqua Lounge with expansive exterior decks with furniture and outdoor fireplaces and flat panel monitors, all designed to focus views of the main pool and of the lake; 3) a package delivery center with 24/7 access and smartphone notification; 4) a 2nd interior resident lounge complete with fireplace, conferencing table and smart flat panel monitors; 5) a gaming center complete with pool table, home theatre, foosball, shuffleboard, dart board, video arcade games, and a separate gamers lounge where residents can compete head to head on the latest video games, a full kitchen, and multiple flat panel smart monitors throughout; 6) a bike storage and bike repair center; and 7) outdoor fireplaces and grilling centers; 8) new smart laundry centers to supplement in unit washer/dryer hookups; and 9) a new pet park designed for both pet and human socialization. Moreover, each of the five pool areas will be redesigned to evoke a different vibe. Residents will have multiple choices based upon their mood of the day. The property will complement its beautiful mature trees with new landscaping upgrades and plantings throughout the site. And finally, Alesio's exterior is slated for a new look with a new paint and color scheme. 

Living units will be upgraded to open up kitchen spaces to the rest of living space, many with newly designed islands, and upgraded throughout with new modern finishes such as granite counters, glass backsplashes, cabinetry, appliances, modern hardware, wood style flooring, updated lighting, and built-in USB ports and digital temperature controls. 

Alesio has select units that are some of the most unique floorplans in Dallas. These units contain various combinations of 18' ceilings, European fireplaces, interior wood beams, large private patios or terraces, French doors, private elevated green space, and wood or marble floors. Several of these units will be modernized to a condo quality finish level, including full stainless steel appliances, quartz countertops, hardwood floors, stainless range hoods, and stainless tile backsplashes. These select units should obtain some of the highest rents in the Urban Center and will primarily appeal to the most successful young millennials but also to more mature renters who prefer a rental lifestyle while discerning in their desire for high quality.

Dodd Creative is the agency retained to create the new brand, signage, and website. Village Green Interiors has been retained as the interior designer, and Humphreys and Partners has been retained as the landscape and hardscape architect. 

About Lincoln Property Company

Lincoln Property Company was founded in 1965 as a builder and operator of high-quality residential communities. Today, Lincoln is the nation's second largest residential property management company with regional and satellite offices located throughout the United States. Headquartered in Dallas, TX, Lincoln focuses on real estate investment, construction and development, in addition to property management. Their national reputation has enabled Lincoln to attract a large client base of owners and investors who count on their ability to deliver quality results and continually serve as a market leader.

For more information about Lincoln Property Company, please visit http://www.lincolnapts.com/management-services or visit http://www.lincolnapts.com/regions/ for apartment listings in your area.

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