The Ergas Group Sells Urban Dallas Community

Ready Capital provided the acquisition loan for the 179-unit community, while IPA facilitated the sale.
Uptown at Cole Park. Image courtesy of Institutional Property Advisors

Heritage Capital Group has acquired Uptown at Cole Park, a 179-unit community in Dallas. Institutional Property Advisors represented the seller, The Ergas Group, and secured the buyer.

Ready Capital provided the $33.2 million acquisition financing for Heritage Capital Group, Dallas County records show.

The community last traded in 2017, when Mill Creek Residential Trust sold the property previously known as Modera Uptown, according to the company.

Located at 3030 Elizabeth St., the 2016-built property provides one- and two-bedroom apartments with floorplans that range from 634 to 1,339 square feet.

The six-story community features a coffee bar, swimming pool, fitness center, resident lounge as well as garage parking with direct access to elevators. Uptown at Cole Park is pet friendly and offers a dog park and a dog wash station.

The property is just off U.S. Highway 75, within walking distance of Cole Park and roughly 3 miles north of downtown Dallas. Southern Methodist University and Baylor Hospital are within 2 miles, while Dallas Love Field Airport is less than 5 miles away.

The IPA brokerage team included Drew Kile, Joey Tumminello, Will Balthrope, Michael Ware, Taylor Hill and Asher Hall. Earlier in August, another IPA team facilitated the sale of a 208-unit community in Oceanside, Calif. The Dylan traded for $74.1 million.