Dallas-based real estate firm August Real Estate Co. recently acquired 17 buildings in Exposition Park.
While no major redevelopment plans have been set, the firm intends to make enhancements to the existing structures to create a better experience for tenants. Given that Dallas is notoriously difficult to build in because of its inefficient permitting process — which has contributed to negative growth in the city — August Real Estate will need to allow for plenty of extra time to secure any necessary building permits.
“We have some light cosmetic upgrades planned and see the potential for redevelopment and new development long-term, but our focus now is on improving the tenant experience,” Jordan August, company partner, said in a statement to The Dallas Morning News.
August Real Estate’s purchase of more than 400,000 square feet of commercial and residential space from businessman David Gibson marks the most significant investment in Exposition Park, which is situated in southern Dallas between Deep Ellum and Fair Park.
“We are thrilled with this acquisition,” said Evan August, principal at August Real Estate, DMN reported. “The opportunity to acquire a significant scale of historic, creative properties spread across enough land to establish a new urban district is really compelling.”
Located between Parry Avenue and Interstate 30, the newly acquired buildings have a deep history in the community, with some of the buildings dating back to the 1920s.
The 17 Exposition Park buildings are nearly fully leased by small business owners, local artists, and residential tenants, the DMN reported. Some of the larger commercial tenants include Dallas-based architectural firms GSR Andrade and Studio Outside.
“We’re inheriting an excellent foundation from an owner that has cared deeply for his buildings and the neighborhood,” Evan August said, per DMN.
Although the specific terms of the purchase were not disclosed, Southside Bank provided financing while Institutional Property Advisors sourced the debt.
August Real Estate now owns and operates 650,000 square feet of properties near Downtown Dallas.
“I cannot imagine a better steward of these buildings than the August family,” said Carl Anderson, president of Larkspur Capital, according to DMN. “They have proven time and again that they can execute on complicated business plans regarding historic real estate assets.”
“I’m not aware of another group who has mastered historic property renovation and preservation as well as the August family. Any neighborhood should jump up and down when they see these guys coming — neighbors can rest assured that historic buildings will be preserved for the long term,” Anderson added.
