Downtown Dallas’ Historic Davis Building Has Sold

A landmark downtown Dallas building has changed hands.The 20-story Davis Building on Main Street has been purchased by a local investment partnership.Built in 1926 as the Republic National Bank building, the tower was redeveloped in 2003 into a loft apartment complex.A California apartment firm, which bought the Davis Building in 2011, completed the sale on Friday."The Davis building represents an extraordinary success story in that it was bought opportunistically coming out of the recession and sold today - at the height of the downtown renaissance of our city," said Will Balthrope, executive director of Institutional Property Advisors who brokered the sale. "The Davis Building is a one-of-a-kind, high-rise apartment building with ground- level commercial space, a large parking garage and a storied history."The Davis Building had been vacant for years when developer bought the property for conversion to residential space. It was one of the first landmark Main Street buildings to be redeveloped as apartments.The stone high-rise was once one of the tallest buildings in Dallas."We had a lot of interest in the sale," Balthrope said. "We gave over 30 tours of the building, and fielded a large number of offers."The Davis Building has 183 apartments and more than 50,000 square feet of retail space. There is a rooftop pool and garden.The sale includes the attached 12-story, 587-space parking garage.Balthrope negotiated the sale for Bascom Group with Institutional Property Advisors' Drew Kile and Joey Tumminello. Terms of the transaction were not disclosed.  Continue reading...