Wednesday, September 24, 2014

Downtown Dallas’ Mosaic apartment towers are under contract for sale

The Mosaic apartments have 440 units.(IPA)
An apartment company with offices in Texas and California is in talks to buy one of downtown Dallas’ largest loft rental projects.
The 2-building Mosaic apartments at Akard and Bryan Streets has been up for sale for several months. The high-rise project is now owned byChicago real estate investors who bought the buildings in 2010.
Olympus Property has contracted the acquire the 440-unit rental community, which cost more than $90 million to develop in 2006 and 2007.
Institutional Property Advisors is marketing the buildings for sale.
Olympus – which has offices in Pantego and San Francisco – has been in business since 1992 and has apartments across the country.
Company officials said it’s too early to talk about their plans for the Mosaic.
The former office towers with 21 and 32 floors were converted into the loft rental units with 20,000 square feet of retail space.