Olympus Property Acquires Luxury Adaptive Reuse High-Rise in Downtown Dallas
- Nov 20, 2014
Dallas—Olympus Property has acquired The Mosaic, a 440-unit luxury urban high-rise in downtown Dallas. The two connected buildings are 21- and 32-story towers that were originally home to the Fidelity Union Life Insurance Co.
The 21-story tower was built in 1952 and the 31-story second tower was added in 1962. Fidelity Union moved out in 1985, followed by the other major tenant, Texas Power & Light, in 1992. The asset sat vacant until 2004, when Hamilton Properties Corp. acquired it and executed an adaptive reuse apartment play. In 2009, Mosaic was listed on the National Register of Historic Places.
“Mosaic is a huge milestone for Olympus Property,” says Anthony Wonderly, co-founder of Olympus. “The Mosaic is our first high-rise and is located closed to our corporate headquarters. We know this market extremely well and feel strongly about the growth and revitalization in downtown Dallas.”
A multimillion dollar renovation package is in the works.
Domain, BH Equities grab 672 units in North Phoenix
Phoenix—A partnership between Houston-based Domain Acquisitions and Des Moines-based BH Equities has acquired Autumn Ridge Apartments, a 672-unit Class B community located in North Phoenix. The Colliers Cooke Team of Colliers International brokered the sale.
The property features 73 buildings in an infill location with limited land for new construction. Autumn Ridge is adjacent to Cave Creek Golf Course and a large park, and is located between the Deer Valley employment center and the established North I-17 employment corridor.
“The market is just starting the recovery in North Phoenix and we are excited to see the recent momentum in occupancy and rents. Autumn Ridge is a great asset to take advantage of in this market recovery,” says Cindy Cooke, executive vice president at Colliers International. She worked with Brad Cooke, vice president, on closing the sale.
This purchase marks Domain Acquisitions’ re-entry into the Metro Phoenix market since the organization sold its portfolio here in 2006.
“We have been patiently watching the Arizona market for many years, and the state’s economy continues to gain impressive momentum. We are excited to be back as investors in Arizona,” says Domain’s CEO, J.D. Golden.
Laura Cathlina and Andy Hill of Berkadia Commercial Mortgage LLC originated $30.9 million in financing for the acquisition and renovation. BH Management Services will provide property management and construction services for the partnership.
NorthMarq secures $103.7M in Freddie Mac refinancings to take out bank loans
Kansas City—Greg Duvall, senior vice president/managing director of NorthMarq Capital’s Kansas City based regional office negotiated the $103.67 million refinance of three multifamily properties in Texas. The properties contain a combined 872-units and are located in Pearland, McKinney and Katy, Texas. NorthMarq arranged financing for the borrower through its Seller/Servicer relationship with Freddie Mac.
“The borrower was looking to refinance their existing bank debt and pull out some cash equity on these assets,” says Duvall. “Freddie Mac did a great job of providing very attractive loan terms on this pool of newly constructed and recently stabilized, class A multifamily assets. Two of these assets were financed with 10-year fixed rate loans with five-years interest only. The third asset was financed with a seven-year variable loan with three-years interest only.