Tuesday, July 08, 2014

Downtown Dallas’ largest loft apartment project is for sale

Downtown Dallas’ largest loft apartment project is up for sale.

The 2-building Mosaic apartments at Akard and Bryan streets are being put up  for sale by Chicago real estate investors who bought the buildings in 2010.

Institutional Property Advisors is marketing the 440-unit rental community, which cost more than $90 million to develop in 2006 and 2007.

The former office towers with 21 and 32 floors were converted into the loft rental project. There’s also more than 20,000 square feet of retail space.

During the worst of the recession, lender Prudential Insurance Co. acquired the buildings in a foreclosure.

Prudential then sold the buildings to Levin Realty Advisors and partner Walton Street Capital. At the time of the sale, Prudential provided $36.5 million in financing to the buyers, according to Dallas County property records.

Steve brown- Dallas News