Downtown News

Mosaic Dallas downtown residential high-rise has new owners from New York

Mosaic Dallas' signature colorful sign.

Courtesy photo

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.

downtown

Big deal

Houston investor acquires Bishop Arts mixed-use portfolio in $170M deal

Photo courtesy of Hines

Michelin-recognized Written by the Seasons is one of several Bishop Arts businesses acquired by a Houston-based investor.

A Houston investor has snapped up a mixed-use portfolio of nine buildings in the Bishop Arts District, the second Bishop Arts property acquisition since August.

Hines Global Income Trust told CultureMap it paid more than $170 million for a mixed-use complex with 539 apartments and 49,000 square feet of high-end shops. The Bishop Arts Portfolio, as Hines refers to the real estate package on its website, sits on almost seven acres.

“Bishop Arts is a special place, shaped by the care and investment of its prior ownership. We see our role as building on that foundation through thoughtful ownership and Hines’ integrated operating platform,” Corbin Eckel, managing director at Hines, told CultureMap.

Hines identified the seller as Dallas-based Exxir Capital. Exxir developed Oak Cliff's 750,000-square-foot, two-block Bishop Main Street area, which features retail, residences, and offices, and includes the properties acquired by Hines.

Tenants of the newly acquired properties include:

Italian restaurant Lucia, a Michelin recommended restaurant.
Michelin-praised Written by the Seasons, which serves a New American menu.
Paradiso, a Southern European-inspired eatery.
Bar Eden Lounge, a swanky cocktail bar.
Village Baking Co., an artisan bakery.

Hines is taking over all leases at the residential properties:

Bishop North, 200 N. Bishop Ave.
Bishop Canopy, 515 W. 10th St.
Bishop Flats, 305 and 431 Melba St.
Treehaus, 211 W. 10th St.
Retail at 308 and 275 N. Bishop Ave.; 404, 332, 336 and 337 Melba St.; and 403 and 321 W. Ninth St. Altogether, the portfolio’s retail component comprises 22 tenants.

The Hines deal comes two months after Dallas-based investor 90Ten purchased 301-321 N. Bishop Ave.301-321 N. Bishop Ave. in Bishop Arts. Tenants include burger diner Hunky’s, Italian pastry and coffee purveyor Palmieri Café, vintage clothing store Dolly on Bishop, gift shop Kawaii Candle Co., and cosmetics retailer Simply Bella.

bishop arts hines global income trust dallas real estate commercial real estate residential oak cliff real estate