Friday, February 06, 2015

Downtown Dallas’ Mosaic loft apartment towers sell to investors who plan renovation

The Mosaic cost more than $90 million to develop in 2006 and 2007.
Downtown Dallas’ largest loft apartment project has a new owner.
Olympus Property said Wednesday that it has completed its purchase of the 440-unit Mosaic apartments at Akard and Bryan streets.
The 2-building rental community has been for sale for several months. The Mosaic cost more than $90 million to develop in 2006 and 2007.
The former office buildings – a 21-story building constructed in 1952 and a 31-story tower added in 1962 – previously housed Fidelity Union Life Insurance Co.
The new owners plan a “multi-million dollar renovation package” for the buildings.
“Mosaic is a huge milestone for Olympus Property,” co-founder Anthony Wonderly said. “The Mosaic is our first high-rise and located close to our corporate headquarters.
“We know this market extremely well and feel strongly about the growth and revitalization in downtown Dallas.”
Olympus has offices in Dallas and San Francisco. Founded in 1992, the company owns and manages over 9,000 apartments in Texas, Florida, Oklahoma, Arizona, South Carolina, Tennessee, Georgia, and California.
Olympus bought Mosaic from Chicago real estate investors who acquired the buildings in 2010. Terms of the transaction were not disclosed.
Marcus & Millichap’s Institutional Property Advisors brokered the building for sale in the latest transaction.
Steve Brown