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Nathan Stone
Managing Director nathan.stone@berkadia.com 214.394.3444
Chris Pollard
Managing Director chris.pollard@berkadia.com 214.360.3839
Financing:
Greg Smith
Senior Managing Director 817.313.7081 Greg.smith@berkadia.com
Thad Wetterau
Senior Director 972.754.5420 thad.wetterau@berkadia.com
PAUL HARRIS
Senior Managing Director
214.232.8689
paul.harris@berkadia.com
Investment ADVISORS:
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
5960 Berkshire Lane
Suite 1000
Dallas, TX 75225
DALLAS, TX
01
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302 Units | Built 2018
111 W Davis St, Dallas, TX 75208
WITH 24,000 SF OF GROUND FLOOR RETAIL SPACE
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ERIC CALUB
Senior Director
972.567.3560
eric.calub@berkadia.com
Caleb Jones
Senior Director 201.952.1785 Caleb.jones@berkadia.com
Brad Mason
Director brad.mason@berkadia.com 214.675.9719
Laura Cathlina
Senior Managing Director laura.cathlina@berkadia.com 312.339.5343
JOHN KOEIJMANS
Senior Managing Director
john.koeijmans@berkadia.com
214.455.6483
Jason Rice
Managing Director jason.rice@berkadia.com 214.360.3811
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
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Eli Gershenson
Managing Director Eli.Gershenson@berkadia.com 214.354.8267
Jay Gunn
Managing Director 214.679.7100 Jay.gunn@berkadia.com
Tom Burns
Managing Director 469.369.9400 Tom.burns@berkadia.com
Allan Freedman
Managing Director 310.209.3243 Allan.freedman@berkadia.com
Benjamin Harris
Senior Director 310.209.3236 Ben.harris@berkadia.com
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95 WALK SCORE IN BISHOP ARTS
Vance at Bishop Union has a prime location in the Bishop Arts District, a popular neighborhood with outstanding lifestyle and entertainment amenities. Boasting a walk score of 95, Vance at Bishop Union provides residents easy access to an abundance of unique to market restaurants, coffee shops, galleries, and retailers.
CLASS A DEVELOPMENT WITH EXCEPTIONAL COMMUNITY AND INTERIOR FEATURES
Rooftop sky deck with downtown views
Full demonstration kitchen
Fitness center with TRX and cycle studio
Executive conference room
Outdoor entertainment spaces
Bike storage and workshop
Dog park and pet spa
Full-service coffee shop in the lobby
RETAIL PROVIDES REVENUE UPSIDE
TROPHY COMMUNITY AVAILABLE BELOW REPLACEMENT COST
Vance at Bishop Union offers 23,824 square feet of retail space on property. The current tenants consist of a HotWorx, a salon, and a coffee shop. At 29% occupied there is the opportunity to triple the revenue with additional leasing of the commercial space in this popular retail market.
HEB GROCER COMING SOON
HISTORIC LOCATION
HEB owns the site next door with a new grocery store on the schedule for development in the near future.
PROXIMATE EXPANDING APARTMENT DEMAND GENERATORS
• Downtown Dallas Employment Center:
Vance at Bishop Union is minutes away from Downtown Dallas, which has a daytime population of 135,000 jobs, making it the largest employment center in the DFW metro area. Key recent major commercial developments that speak to continued employment expansion include the AT&T Discovery District (which includes the AT&T Corporate HQ) and The National (a luxurious combination of dining, office, hospitality, residences, and retail). Downtown Dallas also includes the Arts District which is home to world class museums and performing art venues. • Uptown/Turtle Creek Office Market:
Vance at Bishop Union is also within easy commute of the Uptown/Turtle Creek office market, which is home to Dallas’ most high-profile employers. The neighborhood is seeing substantial office development including a new14-story 800,000 SF campus for Goldman Sachs, a 30-story 500,000 SF tower for Bank of America, and the latest addition to the Old Parkland campus, a 255,000 SF office. • Methodist Dallas Medical District & Medical District Expansions:
Vance at Bishop Union is near Methodist Dallas Medical Center, a non-profit teaching hospital. With 595 beds, it serves as a vital healthcare resource in the North Texas region. Also within a 10-minute commute is the Dallas Medical District, the highest concentration of medical employment in DFW. Two new hospitals are currently underway in the district totaling an additional $3 Billion in development. Children’s Health and UT Southwestern are building a new campus via a JV including a 532-Bed expansion at Children’s and 295- bed expansion at UTSW. Hospitals create a large number of high hourly wage paying jobs that are recession resistant and an excellent source of apartment demand.
Vance at Bishop Union is a high-quality trophy development that would be very expensive to build today. The community consists of two podium-style buildings with luxury finishes and amenities, structured parking, and ground floor retail space. It is being offered at a substantial discount to today’s replacement cost. The Property is institutional quality and presents the opportunity for future value enhancements.
Bishop Arts is in a historic part of Dallas that includes the high-end neighborhood of Kessler Park and Stevens Park Golf Course.
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