A Roanoke, Texas-based company has acquired the nearly century-old Argyle Apartments building in Dallas’ Oak Lawn neighborhood.
According to Dallas County property records, North Hills MJL based in Denton County purchased the property for almost $7 million. Global Real Estate Advisors, a commercial real estate and brokerage company based in New York, brokered the deal.
The Argyle was originally built in 1927 at a cost of $400,000, according to The Dallas Morning News. Floor plans include studio and two-bedroom units. The previous owners, a real estate partnership represented by Indio Management, spent more than $5 million to improve the building, the DMN reported.
Before that, as condos began appearing in Oak Lawn in the 1980s, Guaranteed Development Co. completed renovations at the red-brick Argyle.
The Argyle is the latest apartment building to be sold in the last several months in the Dallas-Fort Worth market, which leads the country in apartment sales with more than 30,000 units sold by mid-year, according to the DMN.
The Oak Lawn neighborhood is near Uptown, Downtown, and the Design District, and offers condos, apartments, townhouses, and duplexes.
The Argyle offers luxurious Manhattan-style lofts from a “handsome structure” near Highland Park, Turtle Creek, and the Dallas Medical District. Encompassing more than 44,000 square feet are 48 units that feature high ceilings, matte gold fixtures, built-in shelves, and gloss-black appliances. Community amenities include a speakeasy lounge, a dog run, and a fitness center.
“One of the most luxurious and distinctive apartment homes in the city,” reads the website. “Why drive to the city when you can take the elevator? With eight unique floor plans to choose from, The Argyle has something for everyone. City views, hardwood floors, exposed concrete walls, and a walk score of 91 are a few of the best features of this Dallas icon.”