Downtown News

Deep Ellum's biggest landlord acquires Dallas complex Victory Park

New boss in Victory Park.

Photo courtesy of Victory Park

The Victory Park development near downtown Dallas has a new owner: Asana Partners, the Charlotte, North Carolina real estate investment company, acquired the retail portion of the complex from Florida-based Estein USA in a deal that transpired on May 16.

Already a familiar name in Dallas, Asana has become a major force in Deep Ellum, where they've acquired 44 buildings since 2017.

An Asana spokesperson said that the company had no comment at this time.

Estein was the financier behind Victory Park from the outset. They took over the retail portion from Hillwood when it sank into serious decline.

Victory Park tenants were informed two weeks ago that the property would change hands. One source who asked not to be named said that the transaction was so sudden that an official grand opening party planned for June would be rescheduled.

Estein just threw a party in April to celebrate its revamp of the Victory Park shopping district, when CEO Lothar Estein touted it as "the most walkable district in the city of Dallas."

Estein executives told the DMN at that time that they remained committed to the project.

They spent millions on the resuscitation, in partnership with the city of Dallas. The center now has a Cinepolis theater, plus new restaurants and bars, such as Dibs on Victory, Billy Can Can, Café Victoria, Imoto, and Hero.

Asana managing director Brian Purcell told BisNow that his company is attracted to neighborhoods that possess authenticity and infrastructure, including walkability and access to major highways, all of which Victory Park boasts.

Asana also favors areas that are active 24 hours a day with a combination of retail and office space, and ideally a growing residential base. In the past two years, Victory Park has welcomed new housing options, such as The Katy, which opened in 2017, and the Magnolia Station apartments, which opened in 2018.

In Deep Ellum, the company has been respectful toward the culture by retaining and repositioning properties rather than replacing them.

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Real Estate News

Dallas real estate developer pleads guilty to bribing 2 city officials

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Dallas developer Sherman Roberts

Dallas real estate developer Sherman Roberts pleaded guilty on November 12 to conspiracy to commit bribery, according to a release from the U.S. Attorney for the Northern District of Texas Leigha Simonton.

Roberts, 70, who previously helmed City Wide Community Development Corporation, was indicted in December 2020. According to court documents, Sherman bribed two city council members — Mayor Pro Tem Dwaine Caraway and City Council member Carolyn Davis — to support loans and low-income housing tax credits for his apartment projects.

In return for several thousand dollars in cash – plus the promise of future payments after her city council tenure ended – Davis lobbied for Roberts' real estate projects, including Serenity Place, Runyon Springs, and Patriot’s Crossing.

She promoted Serenity Place to the City Housing Committee, demanded other developers also seeking real estate funding withdraw their applications in order to increase Roberts' chances of success, recommended Serenity Place receive a 9 percent low income housing tax credit, and voted to approve a $1.9 million loan from the city of Dallas.

“Right now you and me are making money,” Roberts texted Davis shortly after the vote.

Later, she repeatedly reached out to ask for more money — "just a few dollars" — and he agreed.

Davis and Roberts then met with Caraway to address a problem with the Patriot's Crossing project. In return for several hundred dollars cash and a $2,000 monthly stipend, Caraway agreed to stop the city from issuing a request for proposal (RFP) for the Patriots Crossing project and to deliver the project for Roberts.

“How much is the project worth?” Mayor Pro Tem Caraway asked. “Once you’re successful with this project, don’t forget about me.”

“I won’t forget about you,” Mr. Roberts responded. “That’s where the money is… the money has never been an issue.”

Roberts now faces up to five years in federal prison. He is slated to be sentenced on March 12, 2025.

Caraway pleaded guilty in 2019 to conspiracy to commit honest services fraud and tax evasion and was sentenced to more than four years in federal prison.

Davis pleaded guilty in 2019 to conspiracy to commit bribery concerning an agent of a local government receiving federal benefits, but passed away in a car crash before she could be sentenced.

Roberts was one of three real estate developers charged in connection with the bribery scandal. Devin Hall, the developer behind the Grand Park Place apartment project, pleaded guilty in August 2020. Ruel Hamilton, the AmeriSouth Realty Group executive who backed the Royal Crest housing project, is awaiting retrial on conspiracy and bribery charges.

The Federal Bureau of Investigation’s Dallas Field Office conducted the investigation with the assistance of IRS – Criminal Investigation’s Dallas Field Office. Assistant U.S. Attorney Marcus Busch is prosecuting the case with the help of Assistant U.S. Attorney Donna Max.