SPI Advisory Acquires Class A Multifamily Asset in Thriving Dallas Submarket

PRESS RELEASE | October 25th, 2024

SPI Advisory, LLC

Dallas, TX (September 30th, 2024) – SPI Advisory (“SPI”) has successfully acquired Winsted at White Rock, a 314-unit Class A garden-style multifamily property located in the affluent Lakewood neighborhood of Dallas. This marks SPI’s 49th acquisition in DFW since its founding in 2014.

Built in 1996, Winsted at White Rock is well-maintained and was only partially renovated by its previous owners, representing a significant value-add opportunity. To effectively compete with newer construction in the area, SPI plans to fully renovate the remaining classic units to a premium level, enhance common areas and amenities, and finish installing washers and dryers in all units.

Located in the highly sought-after Lakewood neighborhood, the property is zoned to Lakewood Elementary, one of Dallas’ top-rated schools, and is within walking distance of White Rock Lake and the Dallas Arboretum. With an average household income of $194K within a one-mile radius, and an average Lakewood home list price of $1.9M, the area's demographics reflect its affluence and strong market demand. These location benefits, combined with the submarket’s limited new development due to high barriers to entry, made this investment highly attractive.

“Winsted at White Rock’s location in the Lakewood neighborhood offers residents the best of both worlds—proximity to top-tier schools, parks, and cultural landmarks,” said Michael Becker, SPI principal and co-founder. “Our improvements will further enhance the living experience, ensuring it remains a premier choice in one of Dallas’ most sought-after communities.”

“This acquisition underscores our commitment to acquiring assets that not only provide great returns but also fit seamlessly into the fabric of the community,” expressed Sean Mabarak, SPI principal and co-founder.

With this acquisition, SPI Advisory now owns and operates nearly 4,000 units across the Dallas-Fort Worth metroplex and approximately 8,000 throughout Texas.

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About SPI Advisory, LLC

SPI Advisory is a Texas-based multifamily private equity firm headquartered in Dallas, TX with a second office in Austin, TX. SPI transforms the way high net worth investors from across the country identify, assess, secure, & sell high-yield, tax-efficient multifamily real estate investments across the Texas region by offering tailored joint venture partnership & advisory services as well as democratized passive investing opportunities in institutional quality multifamily assets to their increasingly diverse client base. Read more here.