An apartment developer has purchased a prime piece of real estate along Turtle Creek in Dallas for an undisclosed price.
The property at 2727 Turtle Creek Boulevard is located north of the bustling Uptown neighborhood, near the Mansion at Turtle Creek Hotel. It is unknown how many units will be constructed.
Before purchase, the site was home to the Republic Insurance office complex. The five-acre plot was cleared in 2019. Developers previously eyed for commercial usage.
Commercial property firm Jones Lang LaSalle was hired to market the land.
The Dallas Morning News obtained its marketing pitch: “This is a rare opportunity to acquire fully entitled in-town infill development sites that will be part of a mixed-use development with targeted residential, hospitality, and office uses.”
UDR Inc. ended up buying the land, per The Dallas Morning News. The company has a reputation for building high-end rentals and owns nearly a dozen separate properties in North Texas for more than 3,800 apartment units. Its most prominent development in the area is the Vitruvian Park apartments in Addison.
The company has many more interests across the country, boasting 160 rental communities in 13 states and Washington, D.C., which consist of more than 53,000 rental units.
UDR Inc.’s purchase of the Turtle Creek property is just the most recent of several real-estate transactions along the boulevard.
Hanover Co., which specializes in building apartments, is negotiating to purchase the condominiums next door at Turtle Creek Gardens.
Nexus Development Corp., based in California, plans to construct a residential skyscraper of 25 stories at the empty intersection of Fairmount Street and Turtle Creek Boulevard.
HN Capital Partners of Dallas acquired ownership of 2999 Turtle Creek Boulevard. The location is currently occupied by an office building designed in the style of the French Renaissance.
Finally, a Four Seasons Hotel is planned for the vacant block on Turtle Creek located at Cedar Springs Road. The Boston-based company Carpenter & Co. and the Perot family of Dallas are working on that development.