August Real Estate has acquired a 17-building assemblage near Fair Park in Dallas.
The 400,000-square-foot portfolio comprises loft apartments and creative office buildings spanning nine acres in the historic Exposition Park, the Dallas Morning News reported. August bought the buildings from David Gibson, who acquired the properties over the past 50 years. Terms of the deal were not disclosed.
The buildings parallel Interstate 30 and are bounded by Parry Avenue, Exposition Avenue, Commerce Street and Pacific Avenue. They are 97 percent leased to small businesses, artists and residents, with some of the largest tenants being architects GSR Andrade and Studio Outside.
Zoning in the area allows for up to 19 floors of construction. August’s potential plans include redevelopment, light cosmetic upgrades and new development. But for now, the firm is focused on “improving the tenant experience,” partner Jordan August told the outlet.
Southside Bank helped finance the purchase, while Adam Mengacci of Institutional Property Advisors sourced the debt.
August Real Estate has shown a knack for revamping historic properties. The firm repurposed the landmark Continental Gin in 2021, converting the 1880s-built cotton manufacturing plant in Deep Ellum into office, retail and restaurant space.
Also in Deep Ellum, August recently renovated the former Trunk Club building at 333 First Avenue to include creative office space, a 4,000-square-foot entertainment complex with golf simulators and an indoor-outdoor bar.
Larkspur Capital’s Carl Anderson, an active developer in the Fair Park area that has two residential projects in the works, supports the August acquisition, saying “any neighborhood should jump up and down when they see these guys coming.”
“They have proven time and again that they can execute on complicated business plans regarding historic real estate assets,” Anderson told the outlet. “I’m not aware of another group who has mastered historic property renovation and preservation as well as the August family.”
—Quinn Donoghue
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