HASTA Capital Buys 314-Unit Dallas Property
JLL Capital Markets closed the sale and arranged the acquisition financing for AMLI Design District.
The AMLI Design District in Dallas. Image courtesy of JLL
HASTA Capital has acquired the AMLI Design District, a 23-story, 314-unit property in Dallas. The firm purchased the Class A community from AMLI Residential for an undisclosed sales price.
JLL Capital Markets represented the seller and procured the buyer. JLL also worked on behalf of HASTA Capital to secure financing through Freddie Mac Multifamily. It will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo lender.
The JLL Capital Markets Investment Sales and Advisory team was led by Senior Managing Director Roberto Casas. The JLL Capital Markets Debt Advisory team was led by Senior Managing Directors Melissa Quinn and Lee Weaver, Vice President Rob Rothaug and Analyst Cristian Sieman, with an assist from the local Dallas Debt Advisory team, including Director Lauren Dow and Associate Chris Grievous.
Property details
Located at 1400 Hi Line Dr. in the Design District, the community was built in 2013. It features 312,806 square feet of residential space, 26,830 square feet of ground-floor retail and a covered parking garage with 664 spaces.
ALMI Design District has a mix of studio, one- and two-bedroom floorplans. Apartment features include spa-style bathrooms, walk-in closets, hardwood-style vinyl floors, floor-to-ceiling windows and washers and dryers. Community amenities include an infinity-edge pool, pool deck with private cabanas, outdoor grilling stations, lounge, coffee bar, fitness center, conference room, pet spa and indoor and outdoor pet parks. The property has personal bike storage and complimentary bike rentals.
The Design District is part of the greater Intown submarket and is known for its high-end retail shops, showrooms and dining experiences. The property is located directly off Interstate 35E, allowing visibility to approximately 250,000 vehicles per day and providing an eight-minute drive to downtown Dallas’ employment hub. AMLI Design District is a 20-minute drive to Dallas-Fort Worth International Airport.
HASTA and AMLI activity
Founded in 2016, HASTA Capital focuses on multifamily investment and development in the United States and Latin America. In May 2020, HASTA Capital acquired The Millennium Kirby, a 378-unit community in Houston from The Dinerstein Cos., and rebranded it as Mezzo Kirby. HASTA owns several other Texas assets including The Mondrian, a 218-unit property in Dallas.
A national multifamily developer and owner, AMLI Residential also recently sold another multifamily property in Dallas: The 300-unit ALMA on Maple. Earlier this month, CONAM Multifamily Partners Fund III announced it had acquired the four-story, Class A community. Situated on 6 acres, the four-story building is within walking distance of UT Southwestern Medical Center and close to Dallas Love Field airport.
In August, AMLI Residential said it planned to develop AMLI Tree House, a 449-unit apartment community in the northern Dallas metro of Addison. The development will have 370 market-rate apartments in the main building, 35 senior living units, 14 rental townhouses, 30 for-sale townhouses, live/work residences and 7,000 square feet of retail space. Construction is slated to begin in early 2024, with preleasing set to start in the second quarter of 2025.
Earlier this year, AMLI Residential’s 390-unit AMLI RiNo in Denver-Five Points-Uptown was the largest multifamily property delivered in Denver in the first half of 2023.
