March 06, 2018
DALLAS – Transwestern today announces the sale of 2.67 acres at 2105 and 2211 W. Davis St. in the Oak Cliff neighborhood of Dallas to a partnership controlled by GroundFloor Development. The locally based developer plans construction of a mixed-use residential and retail project at the site. Transwestern Senior Vice President Steve Williamson and Associate Ben Coffee represented both the buyer and the seller in the transaction. Financial details of the transaction were not disclosed.
“This was one of the largest contiguous tracts of vacant land remaining on West Davis Street, so the interest on this property from the Dallas development community was exceptional, with multiple offers received,” said Williamson. “It was a pleasure to work with the GroundFloor team, which includes Matt Holley, who had been involved in securing the land’s original planned development zoning ordinance back in 2007 and developed the Kessler Woods community directly to the north of the West Davis site.”
The site’s existing zoning allows for 20 townhomes and a five-story apartment project with ground-floor retail.
With frontage on three streets, West Davis Street, North Oak Cliff Boulevard and Stevens Village Drive, the property is near the Stevens Park Golf Course and a short walk from the popular Bishop Arts District with its numerous restaurants and boutique retail shops. Other neighbors include Bell Bishop Arts, St. Cecilia Catholic School, Rosemont Elementary and the affluent, gated residential community of Kessler Woods.
“We are very excited about the opportunity that this site presents for our company,” said Brandon Bolin, GroundFloor President and CEO. “The north Oak Cliff and Bishop Arts areas are considered two of the crown jewels of Dallas, and we are looking forward to delivering a mixed-use project for which the Kessler Park and Bishop Arts communities can be proud.”
In 2017, Williamson brokered the sale of the 6.2-acre tract directly north of the West Davis site to David Weekley Homes for The Reserve at Kessler Heights, which includes 12 single-family residences and 50 townhomes. It is currently under development, with delivery of the first homes expected later this year.
GroundFloor specializes and focuses on building well-conceived urban multifamily housing communities and mixed-use developments to serve and accommodate the growing demand for metropolitan living. Founded in 2009, and led by Brandon Bolin, GroundFloor directs its resources toward projects located in high population growth areas in Texas where people need and desire quality urban living as commuting costs continue to rise and single-family home buying power declines. Our mission is to create communities of happy people by developing beautiful and artfully inspired places where people can enjoy their lives. For updates on GroundFloor, go to www.gfholdings.co.
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Tenant Advisory, Capital Markets, Asset Services and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 35 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern. For updates from the North Texas region, follow @TranswesternDLS and @TranswesternFTW.