Deluxe Deep Ellum condominium block goes to Chicago investor

One particular of Deep Ellum’s newest rental communities has adjusted palms.

The Novel Deep Ellum has been purchased by a single of the country’s major apartment homeowners, Chicago-dependent Fairness Residential Group, county deed data present.

The flats are on Canton Street just east of downtown Dallas. Finished in early 2020, the 231-unit luxury rental assets was opened in late 2019 by developer Crescent Communities.

The 7-story apartment challenge features two tenant lounges inside the developing, a health and fitness center and a room set apart for arts and crafts.

Rents in the constructing initially ranged from around $1,500 for the smallest models to a lot more than $3,600 for the most significant ones.

The making functions first artwork and murals from nearby artists, and there is ground ground retail place along Canton Road.

The creating was built by architect Hord Coplan Macht.

The Deep Ellum acquire is Fairness Residential’s second significant condominium purchase in the Dallas area this thirty day period.

The investor just obtained the Kilby rental local community in Frisco Sq. around the Dallas North Tollway.

Each the Deep Ellum and Frisco buys give Equity Household a new stake in North Texas’ booming apartment current market.

Equity Household just announced an almost $2 billion enterprise with apartment builder Toll Brothers to build much more rental models in major markets throughout the region, together with Dallas-Fort Worth.

Equity Household also not long ago obtained residences in Austin just after not proudly owning rental homes in Texas for some time.

The serious estate investment believe in was launched by Chicago trader Sam Zell and now owns additional than 75,000 rental units nationwide.