Goldrich Kest snatches Turtle Creek apartment high-rise
Crescent Communities sold 206-unit property
Goldrich Kest is the newest multifamily landlord in Dallas’ buzzing Turtle Creek neighborhood.
The California-based firm has paid an undisclosed amount for the 20-story Novel Turtle Creek apartment high-rise at 4251 Irving Avenue, the Dallas Morning News reported. The seller was North Carolina-based Crescent Communities, which completed the 206-unit luxury property last year.
“Since opening in 2022, Novel Turtle Creek has made its mark as a landmark destination in the Dallas community,” Crescent’s Meaghan Kroener Janson told the outlet. “Located in the heart of Dallas’ Oak Lawn neighborhood, this community embodies the spirit of modern luxury and offers a lifestyle of distinction with an unparalleled level of service.”
Designed by WDG Architects, Novel Turtle Creek features an outdoor deck with a pool, outdoor kitchens and views of downtown Dallas.
The sale marks the second transaction between Goldrich and Crescent. The California investor also bought the Novel Midtown building in Atlanta. Terms of that deal were also not disclosed.
Goldrich’s Texas portfolio also includes a rental community in Austin and a shopping center in San Antonio. The firm, led by CEO Barry Cayton, owns properties in eight states, with the bulk of its assets being in multifamily and retail sectors.
Crescent, meanwhile, has developed and sold two other apartment complexes in Dallas — the 302-unit Novel Bishop Arts building in the Oak Cliff neighborhood and the Novel Deep Ellum apartments, east of downtown.
At the midyear point, over rental properties spanning some 30,000 units had sold in Dallas-Fort Worth, leading the nation. A few notable Dallas properties that have changed hands include the 23-story Amli Design Center high-rise on Hi Line Drive and 26-story Cirque apartment tower in Victory Park, the outlet reported.