Wednesday, June 08, 2005

Downtown Dallas Real Estate News

Downtown Dallas Real Estate News

GABLES BUYS TWO MORE COMPLEXES

DALLAS (DallasNews.com) – Two more multifamily rental properties in Dallas’ Uptown are under the wing of Gables Residential. The 22-story, 196-unit Uptown Tower at McKinney Ave. and Hall St. and the 158-unit Gables Katy Trail complex at 2821 Carlisle St. were purchased by the company and are slated for remodeling. Gables will spend about $4 million remodeling the two assets it purchased from Fath Properties.

Together, the two developments are valued at about $22.5 million on the tax rolls. Counting projects under construction, Gables has more than a dozen rental properties between Highland Park and downtown Dallas.