Sava Holdings Acquires Stemmons Towers In Dallas For Office-to-Apartment Conversion
2720 North Stemmons Freeway
Units
394
Asset Type
Office
Closing
Dec 18, 2023
About this deal
AI
Sava Holdings, Ltd, led by Suhas Naik, has acquired Stemmons Towers in Central Dallas from 2700 Stemmons LP. The 14-acre office property, located at 2720 North Stemmons Freeway, will undergo a transformation to become Lumiére, a 394-unit upscale apartment community. The developer plans to retain the mid-century modern design and add a 13th floor to each tower. Renovations are scheduled to begin in mid- to late 2024, with a focus on offering upper-tier market rate to luxury rentals.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not disclosed
- Address: 2720 North Stemmons Freeway, Dallas
- Market: Dallas
- Acres: 14
The deal was facilitated by brokers John St. Clair and Trae Anderson of Young Partners. Sava Holdings, known for their boutique hotels, aims to bring their expertise to the development of Lumiére. Suhas Naik, representing Sava Holdings, led the acquisition on behalf of the buyer.
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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