Olympus Property has sold Mosaic Dallas, a 440-unit multifamily property in downtown Dallas. Marcus & Millichap’s Institutional Property Advisors negotiated on behalf of the seller and procured the buyer. The property last traded in 2014, when Olympus Property acquired it from Levin Realty Advisors, according to Yardi Matrix.
Mosaic Dallas is a two-tower high-rise located at 300 N. Akard St. and encompasses one-, two- and three-bedroom units ranging between 781 square feet and 1,986 square feet. Common-area amenities include a swimming pool and spa center, fitness center, business center, indoor lounge, 740 parking spots, dry cleaning, valet and concierge services. The community also includes 8,766 square feet of ground-floor retail.
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The multifamily property was originally built between 1952 and 1962, as office buildings, having been converted to residential between 2006 and 2007. Institutional Property Advisors added that the asset is located less than half a mile from a recently announced development that is expected to bring around 5,000 Goldman Sachs employees by 2028.
A downtown Dallas icon in new clothes
Formerly known as Fidelity Union Life Insurance Building, Mosaic Dallas is situated in the City Center District of downtown Dallas, next to Thanks-Giving Square and across from Akard Street DART Station. The property is located between Comerica Bank Tower and Jacobs Engineering Group’s headquarters, 0.5 miles from Dallas Museum of Art and The Dallas World Aquarium, 0.8 miles from Nasher Sculpture Center and 2.2 miles from uptown Dallas.
IPA Senior Vice Presidents of Investments Joey Tumminello, Taylor Hill and Michael Ware, Senior Managing Director of Investments Drew Kile, Senior Associate Grant Raymond and Executive Managing Director of Investments Will Balthrope represented the seller in the transaction.
According to a recent Yardi Matrix report, Dallas-Fort Worth continues to display healthy fundamentals, attracting a lot of investment capital. In fact, North Texas was last year’s top U.S. market for multifamily investment, with DFW’s transactions volume clocking in at $14.6 billion.