Wednesday, June 08, 2005

Downtown Dallas Real Estate News

Downtown Dallas Real Estate News

GABLES RESIDENTIAL BUY REFLECTS NEW STRATEGY

DALLAS (Perry Guest Co.) – Gables Residential has purchased the Carlisle on the Creek Apartments at 3104 and 3230 N. Hall St. in Uptown Dallas.

According to Hank Glasgow Jr. of Perry Guest Co., Gables’ strategy is to purchase and develop in Uptown and Highland Park. In the past, the company focused on newer properties, but now it is looking to buy apartment buildings in prime neighborhoods, such as Park City, Highland Park, University Park and Uptown, regardless of age. Carlisle on the Creek Apartments was built in 1967 and contains 176 units. Gables will keep the building with the possibility of redeveloping in the future, Glasgow says.

The sellers were SMI Realty of Newark, New Jersey, which purchased the property in 1994. Perry Guest Co. represented the buyer and the seller in this off-market deal