Dallas-based private equity firm SPI Advisory has acquired the upscale, 340-unit apartment community Cortland Good Latimer at the Dallas Farmers Market in Downtown.
The financial terms of the purchase were not disclosed.
The garden-style community, which SPI plans to rebrand as the “Skyline Farmers Market,” is located at 835 South Good Latimer Expressway.
SPI Advisory Principal Michael Becker explained in an interview that the company plans to make modest improvements to the community, namely to its gym and clubhouse areas, and that they were encouraged to purchase the property because it has a different feel than other Downtown apartment developments.
Read more
Architecture And Design
Texas
Dallas to provide up to $96 million in incentives for downtown skyscraper
Residential
Dallas
Work on paused downtown Dallas apartment, retail project restarts
“It’s more of a community feel, not so dense. You just couldn’t replicate this product,” he said, describing how other communities in the area are more densely constructed compared to Skyline, which has more open space.
“The Farmers Market, in general, had some stuff built 20 years ago. All the deals that are similar are much denser, and their construction costs are a lot higher.”
The complex has 340 units with upscale amenities like chef-caliber kitchens, walk-in closets, and private patios and balconies.
It also has an outdoor gourmet kitchen, a fitness center and resident social club, and a pool lounge.
Becker said that their goal in purchasing this property is to help bring investment back into the Dallas urban core, which recently has not been growing at the same pace as the suburbs.
“If you’re in Downtown Dallas, it’s highly amenitized. They’re trying to replicate that stuff in the suburban core that the core has”, he said. “The urban core has been undersupplied for the last few years, but I think that the urban core should outperform the suburbs in Dallas-Fort Worth,” he said.
Recently the city has been heavily investing in the development of Downtown to spur economic growth there once again, and Becker hopes this acquisition will help SPI be a part of that trend, especially for the growing eastern quarter.
“The large influx of recent capital in the Farmers Market and nearby Deep Ellum, along with the emergence of the new ‘East Quarter’ neighborhood has us bullish on the future of the eastern side of Downtown Dallas,” he said.