Brookfield lists four multifamily high-rises in downtown Dallas

Four landmark buildings owned by Brookfield Asset Management are up for grabs in downtown Dallas. 

The Wilson Building and Mercantile National Bank Tower on Main Street, the Mercantile Continental Building on Commerce Street and the Element apartment tower have all been listed for sale, the Dallas Morning News reported. 

New York-based Brookfield has hired Berkadia Real Estate Advisors to market the multifamily properties. Berkadia describes the assemblage as “an exceptional high-rise multifamily investment opportunity” in its marketing materials.

The portfolio’s centerpiece is the Wilson Building, a nearly century-old property transformed into loft-style apartments in 1999. Designed in the Beaux Arts style and inspired by the Paris Grand Opera House, the building has transitioned from hosting retail and office tenants to housing 135 residential units, complemented by ground-level dining options.

The 31-story Mercantile National Bank tower, constructed in 1943, was once the tallest building west of the Mississippi River. The building was converted into apartments in 2008, and it features about 8,000 square feet of retail space.

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The 12-story Mercantile Continental Building, built in 1948, was revamped in 2013 to include 213 rental units. It was the first building in Dallas to have underground parking. 

The Element apartment tower, which graced the city’s skyline in 2007, has 150 apartments across 14 of the building’s 15 floors. There are two restaurants on the ground floor, the outlet said.

Monthly rents range from $1,300 to over $5,700 between the four properties. 

—Quinn Donoghue