posted on April 29, 2011 01:48
Irvine, Calif.-based The Bascom Group LLC has acquired The Davis Building, a 20-story, Class AAA luxury Dallas high-rise.
The property was purchased through a receivership sale with debt financing provided by J.E. Robert Companies. The purchase price was not immediately disclosed.
The tower includes 183 loft-style apartments, 52,235 square feet of retail space and a 12-level, 600-space parking garage. It is situated on .78 acres and is located in the downtown Dallas Main Street district.
The Davis Building was originally built in 1926 as an office building, but was converted into luxury apartments in 2003. It was 95 percent leased by the close of escrow.
Bascom purchased the building from the receiver with Ryan Epstein with Marcus and Millichap representing both parties. The acquisition was led by Jeffrey Fuller, Han Jang and Paul Miskowicz of The Bascom Group.
Entrada Partners will handle onsite property management of the building. Parking services was awarded to LAZ Parking.
4/22/11, Candace Carlisle, Dallas Business Journal