Sentinel Real Estate has acquired the three-building Third Rail Lofts in downtown Dallas from Civicap Partners. Sentinel has rebranded the multifamily property as Main 3 Downtown.
The 164-unit property, located at 1415 Main St., offers studio, one- and two-bedroom apartments, ranging from 544 square feet to 1,857 square feet. The community was constructed in 2006 as an adaptive reuse of the city’s historic Marvin Building and comprises three adjoining buildings, named The Flats, The Landmark and The Tower. The property has three retail spaces as well as 180 parking spots, with covered parking also available.
Unit amenities at Main 3 Downtown include above-standard ceiling heights, stainless steel appliances, walk-in closets, custom cabinetry and granite countertops and a private balcony or patio in select apartments. Residents have access to conveniences that include a two-lane bowling alley, a billiards room, a small movie theater and a wine tasting room, as well as a pool deck and terrace with a salt-water pool, an outdoor bar with a grilling area, a fire pit, an outdoor movie theater and a private dog walk.
Sentinel noted that Main 3 Downtown was previously updated in 2008 and intends to launch a capital improvement program to modernize the property and its amenities.
“Sentinel recognizes the opportunities to enhance value by upgrading older assets with dated finishes and outmoded amenity offerings and has invested in the expansion of its internal architectural and construction management capabilities. These teams will play an integral role in the comprehensive repositioning of Main 3 Downtown, which will compete with newer luxury apartments in the Downtown submarket,” Michael Streicker, president of Sentinel, told Multi-Housing News.
Main 3 Downtown is the center of the Dallas CBD and is within walking distance of the Dallas Area Rapid Transit light-rail station. It is near a wide variety of retailers, restaurants and museums. The property is close to employers that include AT&T, Goldman Sachs and Neiman Marcus Group. The city’s CBD is the largest employment center in North Texas, with more than 135,000 daytime workers.
Sentinel was represented in-house in the purchase of the property by Matt Durham, vice president with the company’s residential acquisitions and dispositions group. The seller was represented by Paul Harris and Eric Calub with Berkadia.
The firm’s portfolio comprises more than 26,000 apartment units and 5.3 million square feet of commercial real estate. Sentinel has been active in the Dallas market for 53 years and owns and manages five multifamily properties, totaling 1,400 units, in the city and nine multifamily assets, totaling 2,800 units, in Texas.