A high-rise condo in Dallas’ Victory Park neighborhood is on the market for the second time in two weeks.
The 23-story Ascent, with more than 300 units, is awaiting bids, testing the city’s multifamily housing market, the Dallas Morning News reported. report. Institutional Property Advisors, a subsidiary of Marcus & Millichap, is marketing the property at 2588 North Houston Street, northwest of downtown Dallas.
Given its 96 percent occupancy rate, average monthly rent of more than $3,000 and its proximity to attractions such as the American Airlines Center, the House of Blues and the Katy Walk, this luxury apartment building may appeal to a small number of potential buyers. The Ascent is also near Goldman’s planned $500 million regional campus, which is expected to employ thousands of people.
Ascent was developed by Greystar and completed in 2017. Facilities include a lounge area, private party and restaurant, test kitchen, games area and a business center with two meeting rooms.
The nearby Amrits Design District apartment block was also listed for sale two weeks ago. This luxury high-rise building has 23 floors and contains more than 300 units. Their sales could serve as a benchmark for the Dallas multifamily market, as few apartment buildings have come up for trade in recent months.
In the Victory Park area, the 26-story Cirque apartment building is the closest Sell A business led by Madera Residential. While terms of the deal were not disclosed, Madera financed the purchase with a $62.4 million loan, and the building has a property tax valuation of $85 million.
— Quinn Donoghue
