Friday, February 20, 2015

Uptown Dallas apartment tower changes hands

Investor Heitman LLC has completed its purchase of an Uptown apartment tower.

A new Uptown tower that’s on the market could fetch

The 308-unit, 17-story Taylor apartment high-rise on Carlisle at Bowen Street near Turtle Creek was expected to sell for one of the highest prices ever paid for a Dallas apartment community.

Real estate brokers estimated the deal would top $100 million. Terms of the sale to the Chicago-based investor were not disclosed.

The luxury rental project was built and sold by Dallas’ StreetLights Residential.

CBRE Group’s Ryan Reid and Dick Goris marketed the Taylor for sale.

Rents in the building average more than $2,300 a month and are as high as $9,620 for the largest unit.

Steve Brown, The Dallas Morning News