Downtown Dallas has something that Uptown can’t compete with: better rent prices. It’s one reason why The Mosaic was so appealing to Olympus Properties. The Arlington-based firm bought Downtown’s largest multifamily project (440 units) last month with little fanfare surrounding the deal, says IPA executive director Will Balthrope (here with another big deal he snagged: a redfish he caught at Laguna Madre this summer). Olympus bought the property at about half the cost of comparable buildings in Downtown, Will tells us (although he was mum on the price.)
Will tells us Downtown’s multifamily advantage over Uptown is rents at half the cost it would be to live on McKinney Avenue. Uptown offers top-of-the-line properties at top-of-the-line rents, Will says. Olympus believes Downtown is becoming a more viable multifamily market with new owners buying buildings to renovate and transform into more apartment units Downtown, as well as more retail and restaurants. That will benefit Olympus, Will says, as will the Downtown revitalization occurring now.
The former office building was transformed into multifamily in 2007 for a $90M price tag. Will says the property has a high walkability score that makes it a hit with renters. The Mosaic has 16k SF of retail and includes a 120-foot-long zero-edge rooftop pool (pictured) with an outdoor fire pit and two 415-inch poolside projection screens; valet and concierge services; a media/game room; a poker and cigar room; and free membership to the ground-floor Trophy Fitness Club. Will and IPA director Drew Kile repped the seller (a Chicago-based real estate adviser) and the buyer. Will just celebrated his daughter’s 16th birthday last week.
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