Mill Creek Renovates Lakewood on the Trail Apartments in Dallas

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Comprehensive Transformation Is Part of Value-add Joint Venture with AEW

The renovation epitomizes our value-add strategy with AEW where our goal is to add value to residents, neighborhoods and our investors through the renovation of established apartment communities in growing markets like Dallas.

Mill Creek Residential, a leading multifamily developer, investor and operator specializing in premier apartment communities across the U.S., today announced the comprehensive renovation of the Lakewood on the Trail apartments in Dallas as part of its value-add joint venture with AEW Capital Management, whose ownership is on behalf of one of its separate account clients.

Mill Creek Residential, which purchased the community with 352 apartment homes in September 2013 and recently completed a comprehensive renovation of the clubhouse, is now shifting its renovation focus to the apartment homes. Each apartment home at Lakewood on the Trail, which was originally built in the 1980s, will receive an extensive upgrade package, including custom cabinets, granite countertops, modern lighting and new faucets.

“Lakewood on the Trail is an established community located in one of the most affluent neighborhoods in the Dallas Metro Area,” says Steve Prochnow, vice president of Texas, Colorado and Pacific Northwest operations for Mill Creek Residential. “The Lakewood neighborhood continues to thrive economically and grow in popularity, making this the ideal time to improve this established apartment community. The renovation epitomizes our value-add strategy with AEW where our goal is to add value to residents, neighborhoods and our investors through the renovation of established apartment communities in growing markets like Dallas.”

The new clubhouse and leasing office, which was completely redesigned, features a brand-new fitness studio with Free Motion equipment and iFit Screens, and a Cyber Café with iMacs and a Starbucks coffee station. The upgrades elevate the apartment community’s aesthetics to better meet the expectations of the demographic living in the prestigious Lakewood neighborhood.

Located at 101 N Brookside Dr., Lakewood on the Trail offers direct access to the Santa Fe Trail, a popular biking and hiking trail that connects White Rock Lake to historic Deep Ellum and Fair Park. It’s also adjacent to the Lakewood Country Club and surrounded by high-end single-family homes with historic significance.

The Lakewood neighborhood is just a 10-minute drive to the major employment centers of downtown, and was named a “Best Big-City Neighborhood” in 2013 by CNN Money. Lakewood on the Trail is also within a short drive of popular shopping, dining and entertainment destinations, including Whole Foods, the historic Lakewood Theater and White Rock Lake.

Including Lakewood on the Trail and other communities, Mill Creek currently owns and operates 560 apartment homes in the Dallas market, with an additional 507 apartments under construction.

About Mill Creek Residential
Mill Creek Residential Trust LLC is a national multifamily company focused on the development, acquisition and operation of apartment communities in targeted markets nationwide. The company proactively pursues development, acquisition and construction opportunities through its seasoned team of real estate professionals in 14 offices across the United States. Mill Creek is building its portfolio in many of the nation’s most desirable apartment markets in Seattle, Portland, the San Francisco Bay area, Southern California, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Washington, D.C., New Jersey, New York, and Boston. Currently, the company’s portfolio comprises 45 communities representing more than 14,000 apartment homes that are operating, under construction or in planning.

About AEW Capital Management
Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide. One of the world’s leading real estate investment advisors, AEW and its affiliates manage over $37 billion of capital invested in $50.5 billion of property and securities in North America, Europe and Asia (as of September 30, 2014). Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, London, Paris, Hong Kong and Singapore, as well as additional offices in eight European cities. For more information please visit http://www.aew.com.

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Peter Jakel
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