Dallas’ multifamily market is about to be tested, as an apartment tower in the growing Design District just hit the market.
Amli Residential has hired JLL brokers to sell the 23-story Amli Design District apartment tower at 1400 Hi Line Drive, near the Victory Park neighborhood, the Dallas Morning News reported. It is one of the largest residential high-rises listed for sale in North Texas.
Amli Design District contains 314 luxury units, with floor plans ranging from studios to two-bedrooms. Average rent is $2,400 a month, and it’s currently 90 percent leased. The average apartment occupancy in Dallas-Fort Worth is 91.6 percent. The site also includes ground-floor retail and a sixth-floor amenity deck with a swimming pool, grass courtyard and fitness center.
Amli Residential, led by CEO Gregory Mutz, bought the high-rise in 2016, roughly three years after it was built. JLL is marketing the property as a value-add opportunity “at a significant discount to replacement cost,” the outlet reported.
It’s tough to predict what Amli Design District might sell for, as few apartment buildings in DFW have traded in recent months. Rise48 just acquired the Cantebria Apartments in Bedford, and though terms of the deal weren’t disclosed, the building is valued for tax purposes at just under $30 million.
Near Amli Design District, the 28-story Cirque apartment tower was listed about six months ago and is still on the market. The 252-unit luxury high-rise was valued at $85 million at the time of the listing.
—Quinn Donoghue
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