Residential propety

Mosaic Dallas’ Downtown Residential Tower Has New New York Owners

A high-rise residential building in downtown Dallas has new owners. According to a statement, the Dallas Mosaic the building at 300 N. Akard St. was sold to a New York investment manager who did not want his identity known.

Mosaic Dallas is a two-tower, multi-family skyscraper with 440 apartments and 8,766 square feet of retail space on the ground floor. The release notes that it was built between 1952 and 1962 as office buildings for Fidelity Union Life, then converted to apartments in 2006-2007.

The building was previously owned by Olympus Property, a multi-family property investment and management organization in Fort Worth that operates multi-family communities. They have owned it since 2014 when they purchased it from Levin Realty Advisors.

Company headquarters in the immediate area include Comerica, Jacobs Engineering Group Inc., Dean Foods and Builders FirstSource. Mosaic is also less than half a mile from a recently announced project that is expected to house 5,000 Goldman Sachs employees by 2028.

“Downtown Dallas has seen extraordinary growth in recent years, and currently more than 20 developments valued at $4 billion are underway,” says Drew Kile of Institutional Property Advisors (IPA), the firm that represented the seller and provided the buyer, whose identity remains a mystery, although ConnectCRE has a little more information, describing the buyer as “a group of New York investors”. So there’s more than one, we know as much.

Nearby attractions include the Dallas Museum of Art and the Nasher Sculpture Center, and most fortuitously, the Akard Street DART station is across the street.

The Mosaic apartments have contemporary interiors and offer views of the skyline. Some units have loft, penthouse, or townhouse style floor plans. There’s also a pool, hot tub, indoor set-up lounge, valet and concierge services, fitness center, dry cleaning service, and parking garage, where its sign color is displayed.

In August 2021, the building suffered an outage when a Dallas water main broke on Akard Street and a number of HVAC units failed; the problem lasted more than two weeks until the problem was solved.

Downtown Dallas is currently home to over 14,000 residents and over 135,000 professionals.