Transwestern today announces an affiliate of Cypress Real Estate Advisors Inc. has purchased a 3.83-acre site at 4600 Ross Avenue in Dallas from a local investment partnership. Cypress plans to build an urban-style, four-story apartment community on the site, which had previously served as the headquarters of the Dallas Teacher Credit Union and the Credit Union of Texas for more than 50 years. Transwestern Senior Vice President Steve Williamson represented both buyer and seller in the transaction.
“Cypress was drawn to this dynamic redevelopment opportunity due to its proximity to employers in the nearby Central Business District and Uptown, as well as its easy access to iconic retailers and restaurants along Henderson, Fitzhugh and Lower Greenville,” said Bill Rafkin, Principal with Cypress Real Estate Advisors.
Construction on the planned residential project will commence first quarter 2018 with completion scheduled for early 2020. The project is being designed by JHP Architects. The general contractor will be Oden Hughes Taylor Construction.
“Large in-fill sites are difficult to find in this area, so being able to buy and rezone a site along Ross Avenue was a real coup for Cypress,” said Williamson.
Cypress is also developing a major mixed-use project, Lake Highlands Town Center, at the eastern corners of Skillman Street and Walnut Hill Lane. The residential portion of the project includes Lookout and Haven apartment communities, as well as a townhome community, The Enclave by David Weekley Homes. Nearing completion within the project is The Shops at Lake Highlands Town Center, a 65,000-square-foot neighborhood retail center anchored by Sprouts Farmers Market. Retailers and restaurants at The Shops include Taco Diner, Starbucks, Fish City Grill, Jersey Mike’s, Yogurtland, Hollywood Feed, and Verizon. Service tenants include the iconic Artistik Edge, Ideal Dental, Local Resident Realty, Deluxe Nails, The Joint, and Play Street Museum.
About Cypress Real Estate Advisors
Cypress Real Estate Advisors is a real estate investment advisor and development firm headquartered in Austin, Texas. Founded in 1995, Cypress invests in a variety of product types in the southwestern and southeastern United States. Cypress’ investors include many of the world’s largest endowments, foundations and financial institutions. Cypress has successfully invested and developed across a wide spectrum of real estate product types, including large scale residential communities, high density mixed use developments, multifamily, senior living and hospitality.
About Transwestern
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Tenant Advisory, Capital Markets, Asset Services and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 35 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate.
