Wednesday, May 18, 2011

IPA Sells Downtown Dallas Multifamily Landmark


DALLAS,  TX – Institutional Property Advisors (IPA), a boutique brokerage platform serving the needs of institutional and major private investors, has brokered the sale of The Davis Building (top left photo), a restored lender-controlled downtown Dallas landmark.

The 20-story multifamily building has 183 luxury loft-style residential units, more than 50,000 square feet of street-level/tunnel retail space and an attached 12-story, 600-space public parking garage. The terms of the sale were not disclosed.

IPA’s Balthrope Group, led by Will Balthrope (middle right photo), a senior director and Lindsay Allen, a director, represented the seller, J. E. Robert Cos. IPA also represented the buyer, The Bascom Group.  IPA’s Balthrope Group is a division of Marcus & Millichap.

 “Our services are tailored to assist financial institutions in the proactive evaluation of assets and to help manage and transact assets targeted for sale,” says Balthrope. “With its central urban-core location, The Davis Building is an excellent investment.”

 Located at 1309 Main St. in Dallas, The Davis Building covers one city block at Main and Field Sts. in the Main Street district of downtown Dallas.

Constructed in 1926 as the Republic National Bank building, The Davis Building was renamed in 1954 in honor of Wirt Davis, a long-time bank chairperson.

The building was renovated in 2003 and features a modern lobby, a rooftop pool with hot tub, a rooftop garden with cabana lounge, skyline views, a dog park atop the parking garage and access to downtown’s air-conditioned underground tunnel system, which provides entry to major office buildings, retail corridors and restaurants.

Apartments in The Davis Building have historic terrazzo floors, plaster and brick walls, 12-foot to 20-foot ceilings, exposed ductwork and expansive windows with high-tech window treatments.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716


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