An affiliate of Austin-based Cypress Real Estate Advisors Inc. has acquired the former headquarters of the Dallas Teacher Credit Union and the Credit Union of Texas along Ross Avenue to redevelop the space a new urban-style apartment community.
The 3.83-acre development site at 4600 Ross Ave. in Dallas had served as the credit union’s headquarters for more than 50 years. Terms of the land deal from a local investment partnership were undisclosed.
Cypress Real Estate was drawn to the tract because of its proximity to employers in Uptown and downtown Dallas, as well as nearby iconic retailers, said Bill Rafkin, a principal at the real estate investment firm.
Construction on the four-story, 294-unit apartment community is expected to begin by the end of the first quarter, with completion slated for early 2020.
JHP Architects is the project architect. Oden Hughes Taylor Construction is the general contractor.
Transwestern’s Steve Williamson represented the buyer and seller in the deal.
Williamson, a senior vice president at Transwestern’s Dallas office, said large in-fill sites, like this one, are difficult to find in this area, so Cypress’ ability to buy and rezone a site along Ross Avenue was a “real coup,” for the investment firm.
Cypress Real Estate is also working on a big mixed-use project, called Lake Highland Town Center, at Skillman Street and Walnut Hill Lane in North Dallas. The project also includes two apartment communities and a townhome project by David Weekley Homes.
The Austin firm isn’t the only one banking on redevelopment along Ross Avenue. Dallas-based Leon Capital is underway on a major redevelopment in the growing corridor near downtown Dallas.
Earlier this year, Leon began demolishing a portion of the former Dallas Independent School District headquarters, with plans to preserve some of the school district’s history as part of a community amenity.
Financial institutions, like credit unions, are giving developers new infill sites for redevelopment as the financial industry continues to evolve.