Institutional Property Advisors (IPA), a division of Marcus & Millichap, announces the sale of Mosaic Dallas, a two-tower multifamily high-rise with 440 apartments and 8,766 square feet of ground-floor retail in Downtown Dallas, Texas.
“Constructed as office buildings between 1952 and 1962, Mosaic Dallas was converted to apartments in 2006-2007 and is now one of the city’s top places to live for residents seeking a live-work-play environment in the City Center District,” said Joey Tumminello, IPA senior managing director. Tumminello and IPA’s Drew Kile, Taylor Hill, Michael Ware, Grant Raymond, and Will Balthrope represented the seller, Olympus Property, and procured the buyer, a New York-based investment manager. “Downtown Dallas has experienced extraordinary growth in recent years, and currently there are more than 20 developments valued at $4 billion underway,” said Kile. “The area is one of the largest employment centers in the Metroplex and Mosaic Dallas directly benefits from its central location close to all of Downtown’s amenities and employers.”
Downtown Dallas is home to over 14,000 residents and more than 135,000 working professionals. Corporate headquarters in the immediate area of the property are Comerica, Jacobs Engineering Group Inc., Dean Foods and Builders FirstSource. Mosaic Dallas is less than a half mile from a recently announced project that is expected to house 5,000 Goldman Sachs employees by 2028. Nearby neighborhoods include the historic West End area, which is a growing corporate innovation center, Uptown Dallas, and Deep Ellum, one of the city’s top destinations for live music. The Dallas Museum of Art and the Nasher Sculpture Center are nearby, and the Dallas World Aquarium is a short distance away. The Akard Street DART station is across the street.
Mosaic Dallas’ community amenities include a rooftop swimming pool, hot tub, indoor putting lounge, valet and concierge services, fitness center, dry cleaning service and a parking garage. Apartments have bright, contemporary interiors and skyline views. Select units have loft-style, penthouse, or townhome floor plans.
“IPA in Texas provides investors with a large inventory of high-quality multifamily investment opportunities in every market, offering local market research and sales expertise in Dallas-Fort Worth, Houston, Austin and San Antonio,” said Balthrope.