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Avison Young brokers $20 million sale of 1.6-acre site in Uptown Dallas for development of a 24-story luxury apartment tower
June 23, 2023
Dallas, TX – Avison Young has brokered the $20 million sale of 3515 Brown Street, a 1.6-acre property in the high-value submarket of Uptown/Turtle Creek in Dallas, TX to Fifield Companies, a Chicago-based developer of class A multifamily properties. The 26-unit Wimbledon Place Condominiums property, built in 1973, is currently located on the site.
Avison Young Principal, Mike Kennedy and Senior Vice President, Paul Harmon represented the sellers as a group under the Wimbledon Place Homeowners Association (HOA). Fifield Companies has plans to clear the site and develop a 24-story luxury apartment tower on the land.
“We are excited to be back in the Dallas market with the acquisition of 3515 Brown Street. Turtle Creek is among the most dynamic neighborhoods for multifamily development in the entire country. This acquisition is a tremendous opportunity for the Fifield team to bring our unique luxury high-rise experience to Dallas,” said Justin Westfall, Vice President of Development for Fifield Companies.
“This is a small plot of land with big development potential. Located in one of the most valuable real estate corridors in the nation, it is within a stone's throw of the Perot world headquarters complex and the renowned Mansion Hotel. The area is extremely walkable, with many nearby amenities, multifamily and single-family residential properties, and class A office buildings,” stated Harmon.
Kennedy noted, “The Avison Young team’s unique experience in working closely with HOAs and multiple owners on complex property transactions was key to unlocking the tremendous redevelopment value of 3515 Brown Street. There are many other properties in Uptown and Turtle Creek with similar unrealized potential.”
”One of the important aspects of this sale was Mike and Paul’s ability to work with the homeowners association and its legal team in interpreting the condominium association documents—mitigating the individual concerns and goals of the residents,” said Greg Langston, Managing Director, Dallas office of Avison Young.
”To illustrate the density possibilities of the parcel to our international pool of prospective buyers, we engaged an architectural design firm. Their concepts were included in the marketing package. This enabled the team to communicate the extraordinary potential for the property and convey how this density could be achieved by modifying the existing Uptown Dallas zoning restrictions,” stated Kennedy.
For moreinformation: Media Contact: Darcie Giacchetto, Media Relations Specialist – Southwest: +1.949.278.6224
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