Photo courtesy of Crescent Communities
Oak Cliff hit the commercial real estate deal sheets recently with the sale of the former Novel Bishop Arts apartments.
Houston-based Barvin bought the 302-unit apartment complex from developer Crescent Communities in July.
Built in 2019, the development also includes 20,000 square feet of retail space. It has already been rebranded Vance at Bishop Union. The complex is adjacent to a site where Central Market plans to build a store eventually.
Crescent also sold its Novel Deep Ellum to Chicago-based Equity Residential in August.
The company also has the 20-story Novel Turtle Creek under construction and is planning more in this market.
“Crescent Communities has plans to continue growing its footprint in Dallas-Fort Worth and the greater Texas market through intentional and strategic partnerships with more announcements to come,” a media release states.
The Oak Cliff development was the North Carolina-based developer’s first foray into this market, which has since mushroomed with new apartments.
The Dallas area is now the nation’s No. 1 commercial real estate market in the country, racking up $13.4 billion in transactions over the first six months of 2021, largely because of investments in upscale new apartment complexes.
