What you need to know
Four communities totaling 1,100 units were acquired by Strategic Realty Holdings in 2022, founder and managing director Eddie Lorin said. The communities were rebranded under a new name called The Hollow and include:
- Chase Place at The Hollow, 9825 Webb Chapel Road, Dallas
- Spanish Creek at The Hollow, 3109 Chapel Creek Drive, Dallas
- Courtney Place at The Hollow, 3232 Chapel Creek Drive, Dallas
- Spanish Pueblo at The Hollow, 9703 Dale Crest Drive, Dallas
Strategic Realty Holdings wanted to renovate the properties with a budget of about $30 million while maintaining affordability for low- to moderate-income residents, Lorin said.
“The biggest problem is housing insecurity and we want to solve that by giving people a secure place to live,” he said. “We spend a lot of money because we’re investing in the community and we feel it’s the right thing to do.”
The details
Renovations have so far been focused on community areas and building exteriors, Lorin said. About 150 apartment interiors were renovated in 2023 with plans to renovate 300 more in 2024.
The Hollow sports multiple parks and playgrounds, live-work spaces and outdoor spaces with gazebos and barbecue grills, according to its website.
The properties have been repainted and a new 10,000-square-foot recreation center was unveiled Dec. 13 at Spanish Creek. The center includes a fitness center, a yoga room and communal space.
Washer and dryer connections were added in every unit that doesn't have hookups. Windows and sliding doors were replaced as well to save residents money on heating and electricity, Lorin said.
“We’re giving people a clean, safe, affordable place to live,” he said. “We treat them with respect and dignity and they tend to stay, pay and refer their friends. That’s our mantra.”
Renovations also include fully-equipped kitchens, hardwood-style flooring and private balconies or patios for some apartments. All four properties are also pet-friendly, according to The Hollow’s website.
About the owners
Strategic Realty Holdings has never tackled a renovation project this extensive, Lorin said.
The company has managed multifamily projects across several states including Maryland, Nevada, California and New York, according to its website. The company focuses on acquiring and renovating historically underperforming properties before eventually selling them.
“We're finding that as these properties [get] older, they need more and more repairs,” he said. “So you're finding that not only with inflation, you know, costs have gone up but there's just more that needs to be done to these properties.”
