Rogers Healy & Associates Facilitates Sale Of Downtown Dallas Office Tower For Residential Conversion
211 North Ervay Street
Building Size
187,000 SF
Asset Type
Office
Closing
Apr 24, 2023
AI
The historical office building located at 211 North Ervay Street in Downtown Dallas has been sold in a recent transaction. The property, spanning 187,000 square feet, has been acquired by a developer who plans to convert it into 238 rental units. The conversion of this eye-popping Dallas tower adds it to the growing list of downtown buildings undergoing a residential transformation.
Summary of transaction details
- Property Type: Office
- Transaction Amount: Not specified
- Square Footage: 187,000
- Address: 211 North Ervay Street, Downtown Dallas
- Market: Downtown Dallas
The buyer in this transaction was represented by Philip Askeroth from Rogers Healy & Associates. On the other hand, the seller was represented by Pejman Zahmatkesh, also from Rogers Healy & Associates.
Players
Market Office Market Snapshot
Boundary boundary · Office · 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