Lion Real Estate Group, LLC ("LREG"), a real estate investment and asset management firm focused on acquiring value-add and opportunistic multifamily properties, has acquired Lucia, a 172-unit multifamily property located at 2825 Royal Lane, Dallas, Texas.
Lucia, formerly known as Del Son on Royal Lane, was first built in 1966. The property consists of one, two, and three-bed options averaging 807 SF and is located in the heart of the Dallas-Fort Worth Metroplex, the economic powerhouse and cultural hub of North Texas. Globally connected and centrally located, Dallas is the ideal location for businesses and residents alike. Home to 21 Fortune 500 companies, 41 Fortune 1000 companies, and 300 corporate headquarters, the local economy is booming more than ever. Del Sol on Royal Lane is situated within 5 miles of several Shopping Centers such as Walmart, Sam’s Club, Medical City Dallas Hospital and other Health Services, Park & Recreation Centers, and Parker University & Elementary Schools, High schools, and Colleges.
Lucia has always been a highly occupied and sought-after workforce housing asset being located directly on Royal Lane in NW Dallas. LREG plans to rebrand the property under its new name of "Lucia" and will be doing significant renovations both inside and outside including a complete exterior paint job and interior upgrades to the remaining classic units as well as enhancements to the previously renovated units.
Lion Real Estate Group is a vertically integrated real estate investment firm founded in 2007 by Jeff Weller and Mory Barak. Lion Real Estate Group focuses on the acquisition of value-add and opportunistic multifamily and creative office properties by leveraging its principals’ experience to create value for its investors through renovation, repositioning, better management, and optimum capitalization of its properties. Lion has an entrepreneurial team that possesses a track record in the execution of sophisticated investment strategies and has been a part of more than $1.5 billion of a joint venture, equity, and mezzanine real estate transactions. The firm currently owns and operates 5,909 units across twenty-eight multifamily properties and two office properties located in the Los Angeles, Nashville, Denver, Dallas, Austin, Atlanta, and Salt Lake City areas. Lion Real Estate is currently investing out of their LREG Multifamily Fund II, a $250M discretionary multifamily fund.