Residential Tower Near Victory Park Sold

A Lubbock-based multifamily property investor has acquired a luxury residential building in Victory Park near downtown Dallas.

New York-based I&G Direct Real Estate recently sold the Cirque apartment high-rise to Madera Residential, a multifamily investor and property management firm with nearly 30,000 residential rental units across North Texas and Houston.

Built in 2006, the 26-story Cirque high-rise includes more than 250 rental units, of which roughly 95% are leased with an average rent of more than $3,000 a month, according to reporting from The Dallas Morning News.

The property features a seventh-floor outdoor orbit lounge, a dedicated concierge and valet, upgraded floor plans, and luxury amenities such as a state-of-the-art fitness clubhouse, private lounges, a heated rooftop pool, and seasonal poolside bar service.

“At Cirque, you are steps away from experiencing the ongoing concerts and events at the nearby American Airlines Center.” the apartment building says on its website.

Global commercial real estate services company Jones Lang LaSalle had marketed the sale of the residential high-rise Since last fall.

“Cirque is a luxurious institutional asset with recent major capital infusion,” said JLL, Dallas News reports. “Capital investments include the renovation of the lobby, outdoor lounge and pool area, and elevated interiors.”

Now, the Cirque is one of more than three dozen multifamily communities included in Madera Residential’s more than $2 billion real estate portfolio.

Madera Residential has been acquiring property for its multifamily portfolio for about 15 years, with the Cirque marking the firm’s latest big-ticket purchase. Madera Residential financed the purchase of the Cirque with a $62.4 million loan from MetLife Commercial Mortgage, county records show.

The residential tower is located at 2500 N Houston St. in Dallas, with convenient access the American Airlines Center, home of the Dallas Mavericks and Dallas Stars. The Cirque is also located across the street from Goldman Sachs’ $500 million regional office campus.