Part of The Union, a major mixed-use development located in Dallas’ premier submarket, Uptown
DALLAS – L&B Realty Advisors, LLP (L&B), one of the nation’s largest employee-owned real estate investment management firms, today announced the acquisition of The Christopher at The Union in Dallas, Texas. The asset was purchased on behalf of an L&B client. The thirty-one story, luxury, Class A high-rise residential building was built in 2019 and has 309 units, totaling 360,147 square feet. RED Development, a Phoenix-based mixed-use real estate company was the seller.
The property is part of The Union, a large mixed-use development that includes Uptown’s only full-size grocery store, restaurants, and 420,695-square foot office tower. In addition to providing residents with direct access to a full-size grocer with pharmacy, it is steps away from seven on-site restaurants. The Christopher is walkable to the Uptown and Downtown employment entertainment centers, Harwood District, Arts District, Victory Park, and Klyde Warren Park.
“The Christopher enjoys a prime location with its close proximity to a quality labor base, its convenience to major transportation corridors and Dallas’ entertainment and arts districts,” said Bernadette Mussell, Vice President of Acquisitions at L&B.
The Christopher consists of 15 studio units, 166 one-bedroom units, 93 two-bedroom units, 21 three-bedroom units, and 14 penthouse units, with an average unit size of 1,166 square feet.
Stacie Crown, Executive Vice President for L&B said, “Given the asset quality, strong demand drivers, and future supply constraints, this core residential asset will give our client the long-term yield stability consistent with their strategy.” The terms of the transaction were not disclosed.
Eastdil Secured’s Phoebe Brent and Ryan Reid represented the seller. The property’s leasing team of Brandy Lawrence and Phillip Talamantes from Lincoln Property Company also assisted with the sale.
L&B Realty Advisors is an employee-owned, SEC-registered real estate investment advisor offering real estate investment management services to institutional investors. Founded in 1965, L&B has earned a track record of successfully acquiring, operating, developing and selling institutional quality office, retail, industrial and multifamily properties. L&B manages a national portfolio of approximately 30 million square feet of properties valued in excess of $9 billion.
Holly Robertson, L&B Realty Advisors, LLP 214/989-0634, hrobertson@lbrealty.c
For more information visitwww.lbrealty.com. ###