Dylan, Pradera Apartment Communities Change Owners
- Aug 01, 2011
The Dylan apartment community in Oak Lawn saw a change in ownership with the purchase by a joint venture of California-based Canyon Capital Realty Advisors and an affiliate of Magic Johnson Enterprises. The 125-unit property, located at 4333 Cedar Springs Road and the Dallas North Tollway, was sold by developer CLB Partners. The financial terms of the sale have not been disclosed.
Built in 2009, the complex includes 90 apartments and 35 townhomes, and is equipped with a 24-hour fitness center and a swimming pool. Initially built to serve as for-sale condominiums, the property was converted for rental. Canyon-Johnson Urban Fund plans on enhancing the operations of The Dylan within the next three years, according to the Dallas Business Journal, considering the project to be a good addition to its portfolio that could also benefit the people of Dallas. Company founder and former NBA player Earvin “Magic” Johnson said its plans are to focus on the Dallas area: “We are dedicated to bringing quality housing to dense urban areas like Dallas with a strong employment base and growing economy,” he said.
The luxury complex Pradera also changed hands, purchased by a partnership set up by Dallas-based Crow Holdings. Located in Richardson’s Telecom Corridor, just south of State Highway 190 on Greenside Drive, the property was marketed for sale by International Property Advisors’ Balthrope Group on behalf of developer Criterion Development Partners.
The Telecom Corridor complex consists of 360 rental units built in 2010. Terms of the sale were not disclosed.