Empira Group Acquires Development Site On Pearl Street For Residential Tower
711 N Pearl St Dallas, TX 75201, USA
Building Size
—
Asset Type
Development Site
Closing
Jun 20, 2023
AI
Switzerland-based developer Empira Group has acquired a downtown Dallas site on Pearl Street for a planned 37-story residential tower. The development will consist of 375 units and will offer housing options in close proximity to the Dallas Arts District, shops, restaurants, and workplaces.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: Not disclosed
- Address: 711 North Pearl Street
- Market: Dallas
- Acres: 1
The buyer in this transaction is Empira Group, represented by Lahcen Knapp. The seller is Spire Realty. The brokers involved in the deal are Michael Swaldi and Jonathan Carrier from JLL.
Players
Texas Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93