Deal Ticker: Plano-Based Investment Group Purchases Former Shawn Todd Redevelopment Project
Plus: More a lot more homes coming to Melissa, Rhino Health is expanding into North Texas, major leases signed at the Crescent and in the Harwood District, and more.
Plano-based
Wolfe Investments, a private equity real estate investment firm, has purchased the historic U.S. Post Office and Courthouse building in downtown Dallas. The building was redeveloped by Todd Interests years ago into luxury apartments. It was developer Shawn Todd’s first downtown adaptive reuse. The landmark purchase is the company’s second-largest acquisition to date, just behind the historic Rockefeller building in Cleveland, Ohio.
Downtown Dallas’ landmark post office apartments change hands
Plano investor buys historic building converted to luxury apartments in 2011.
The downtown Dallas post office and courthouse were built in 1930.(JLL)
The 91-year-old Post Office and United States Court House building at 400 N. Ervay St. just sold.
In 2011, the upper four floors of the downtown landmark were converted into 78 luxury apartments.
Since 2016, the rental units have been owned by an out-of-state investor, Boston-based Berkshire Group.
Now the apartment community has been purchased by a company represented by Plano-based Wolfe Investments LLC, county records show.
The purchase was financed with a $13.5 million loan handled by Virginia-based Greystone Servicing Co.