Proptech platform Keyway has closed on its second Dallas-Fort Worth area multifamily property, The Shelby Apartments in Oak Lawn. The 41-unit garden-style community offers one- and two-bedroom residences with an average unit size of 550 square feet, two courtyards, a dog park, and private parking.
As the second multifamily property acquired through Keyway’s platform that simplifies small-scale commercial real estate transactions, the company plans to modernize the apartments’ interiors and amenities while maintaining affordability and providing a strong value proposition for renters.
"This acquisition is an example of the unique opportunities available in the multifamily market in the Sun Belt region," says CEO and co-founder Matias Recchia. "With a drop in deal activity and uncertainty in interest rates, now is the time for investors with capital to take advantage of these rare chances. Our goal at Keyway is to make small-scale commercial real estate more accessible and profitable for investors, and this acquisition is a step in that direction."
The firm aims to help investors buy a diverse commercial real estate portfolio and manages it for them. “We work with investors to determine their goals, then we use our technology to find the right properties, which we can close on much faster than they would be able to traditionally— often in 30 days,” Recchia explains.
Focusing on smaller properties under 150 units and less than $20 million to $30 million, Keyway expects to close on additional multifamily communities this year. The acquisition of The Shelby Apartments follows the close of Lakeside on Spring Valley, a 157-unit apartment community in Richardson, Texas, in the fourth quarter of 2022.
The 15-building complex offers one- and two-bedroom units with an average unit size of roughly 771 square feet. Residents have access to two swimming pools and private lake frontage. The Lakeside community will be rebranded after a $3 million renovation, Keyway says.
"Keyway is transforming the small-scale commercial real estate sector with its cutting-edge solutions, establishing a new investment class for this type of property," says head of multifamily acquisitions Zach Present. "Our advanced platform simplifies the process for investors and creates a mutually beneficial marketplace for both investors and small businesses."
