Friday, January 13, 2017

Art deco Phoenix Midtown apartments at Mockingbird Station sold

Photo published for Art deco Phoenix Midtown apartments at Mockingbird Station sold | Real Estate | Dallas News

Investor Crow Holdings has purchased a high-profile transit-oriented apartment development in Dallas.
A Crow Holdings investment fund acquired the 449-unit Phoenix Midtown apartments on Mockingbird Land adjacent to DART's Mockingbird light rail station.
Built in 1998, the art deco style rental community is on the site of the old Dr Pepper headquarters building. It's just east of SMU and U.S. Highway 75.
Apartment rents in the building average almost $1,200 a month.
The Phoenix apartments were almost fully leased at the time of sale.
Holliday Fenoglio Fowler marketed the property for sale.
"The Phoenix Midtown is wedged between the most affluent residential neighborhoods in Dallas - the Park Cities, Lakewood, and the M Streets - where home values range from $500,000 to multi-million dollar estates," HFF said in marketing materials for the project. "The infill location places residents a short drive from downtown Dallas, Uptown, Dallas Medical District, Love Field Airport, Preston Center, LBJ Freeway Corridor, and the Telecom Corridor, which account for more than 400,000 total jobs."
Steve Brown/Dallas Morning News