Keyway announced its first Dallas-Fort Worth-area acquisition, purchasing the 157-unit Lakeside on Spring Valley apartment community in Richardson, according to a press release.

The complex, which is located at 1000 W. Spring Valley Road, has 15 buildings with one-and two-bedroom residences, with an average unit size of about 800 square feet. It also has two resort-style swimming pools and frontage on a private lake.

The Lakeside community will be rebranded after a $3 million renovation over the next three years. Zach Present, head of multifamily acquisitions at Keyway, said the renovations will focus on improving interiors and modernizing amenities, including updated appliances and enhanced energy-water efficiency.

"We want to be the best partner for owners and brokers who are serious about getting deals done smoothly and efficiently, and we expect this to be the first of many transactions for Keyway in the market," Keyway co-founder Matias Recchia said in a statement.

According to the company's website, Keyway is a technology startup based in New York that purchases and leases commercial and multifamily properties.

"Keyway's platform is built to provide creative and efficient real estate solutions to both investors and to smaller operators," co-founder Sebastian Wilner said in a statement. "We're seeing tremendous product-market fit and are excited to continue transforming real estate with technology."