A residential high-rise building in downtown Dallas has new owners. According to a release, the Mosaic Dallas building at 300 N. Akard St. was sold to a New York investment manager who did not want their identity to be known.
Mosaic Dallas is a two-tower, multifamily high-rise with 440 apartments and 8,766 square feet of ground-floor retail. The release notes that it was constructed between 1952 and 1962 as office buildings for Fidelity Union Life, then converted to apartments in 2006-2007.
The building was previously owned by Olympus Property, a multifamily investment and property management organization in Fort Worth that operates multifamily communities. They've owned it since 2014, when they bought it from Levin Realty Advisors.
Corporate headquarters in the immediate area include Comerica, Jacobs Engineering Group Inc., Dean Foods, and Builders FirstSource. Mosaic is also less than a half mile from a recently announced project that is expected to house 5,000 Goldman Sachs employees by 2028.
"Downtown Dallas has experienced extraordinary growth in recent years, and currently there are more than 20 developments valued at $4 billion underway," says Drew Kile, from Institutional Property Advisors (IPA), the company that represented the seller and procured the buyer, whose identity remains a mystery, although ConnectCRE has a tiny bit more information, describing the buyer as "a group of New York investors." So there's more than one, this much we know.
Nearby attractions include the Dallas Museum of Art and the Nasher Sculpture Center, and most fortuitously, the Akard Street DART Station is across the street.
Mosaic's apartments have contemporary interiors and skyline views. Some units have loft-style, penthouse, or townhome floor plans. There's also a swimming pool, hot tub, indoor putting lounge, valet and concierge services, fitness center, dry cleaning service, and parking garage, where its signature colorful sign is displayed.
In August 2021, the building suffered an outage when a Dallas water main broke on Akard Street and a number of HVAC units failed; the problem went on for more than two weeks until the issue was resolved.
Downtown Dallas is currently home to more than 14,000 residents and 135,000-plus working professionals.