Another Apartment Tower In Victory Park Hits Market

For the second time in two weeks, an apartment high-rise in Dallas’ Victory Park neighborhood is hitting the market.

The Ascent, with 23 floors and more than 300 units, is up for grabs, testing the city’s multifamily market, the Dallas Morning News reported. Institutional Property Advisors, a subsidy of Marcus & Millichap, is marketing the property at 2588 North Houston Street, just northwest of downtown Dallas.

The luxury apartment building could attract a handful of prospective buyers given its 96 percent occupancy rate, average rents of more than $3,000 a month and close proximity to attractions like the American Airlines Center, House of Blues and the Katy Trail. The Ascent is also near Goldman Sachs’ planned $500 million regional campus that’s expected to employ thousands of people.

The Ascent was developed by Greystar and built in 2017. Amenities include lounge areas, private party and dining rooms, a test kitchen, gaming areas and a business center with two conference rooms.

The listing comes two weeks after the nearby Amli Design District apartment tower was also put up for sale. The luxury high-rise also rises 23 stories and contains over 300 units. Their sales could serve as benchmarks for Dallas’ multifamily market, as there have been few apartment buildings to trade hands in recent months.

In the Victory Park area, the 26-story Cirque apartment tower recently sold to a venture led by Madera Residential. While terms of the deal were not disclosed, Madera financed the purchase with a $62.4 million loan, and the building was valued for property tax purposes at $85 million.

—Quinn Donoghue