Cypress Real Estate Advisors Inc. has scored a major redevelopment opportunity in Dallas.
An affiliate of the Austin-based company has acquired the former headquarters of the Dallas Teacher Credit Union and the Credit Union of Texas to build an urban-style apartment community.
The 3.83-acre development site at 4600 Ross Ave. in Dallas had served as the credit union’s headquarters for more than 50 years. Terms of the land deal from a local investment partnership not disclosed.
Cypress Real Estate Advisors was drawn to the tract because of its proximity to employers in Uptown and downtown Dallas, as well as nearby iconic retailers, said Bill Rafkin, one of its principals.
Construction on the four-story, 294-unit apartment community is expected to begin by the end of the first quarter, with completion slated for early 2020.
JHP Architects is the project architect. Oden Hughes Taylor Construction is the general contractor.
Transwestern’s Steve Williamson represented the buyer and seller in the deal.
Williamson, a senior vice president at Transwestern’s Dallas office, said large infill sites, like this one, are difficult to find in this area, so Cypress’ ability to buy and rezone a site along Ross Avenue was a "real coup."
Cypress Real Estate Advisors is also working on a big mixed-use project, called Lake Highland Town Center, at Skillman Street and Walnut Hill Lane in North Dallas. The project also includes two apartment communities and a townhome project by David Weekley Homes.
Financial institutions, like credit unions, are giving developers new infill sites for redevelopment as the financial industry continues to evolve.
Back in Austin, Cypress is well into the construction of The Guthrie, a 322-unit apartment community in East Austin, and is putting the finishing touches on Walsh Tarlton Overlook, a 16-acre mixed-use project across from Barton Creek Square mall.
The List: Austin-area multifamily development firms
Ranked by Austin area: No. of multifamily units under development or delivered in 2017
Rank Business name Austin area: No. of multifamily units under development or delivered in 2017 1 Oden Hughes LLC 1,315 2 Journeyman Group 1,278 3 Aspen Heights Partners 882 View This List
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