Omnium News



Davis Building changing hands

4/25/2011

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California firm buying downtown landmark containing 158 lofts.

By Steve Brown
Real Estate Editor
stevebrown@dallasnews.com

Downtown Dallas’ landmark David Building is being sold to a California-based apartment company.

Bascom Group is set to close its purchase of the loft apartment building before the end of the week.

The 20-story landmark has been up for sale since September, when lenders who financed the project put it on the market.

“We had a substantial number of offers,” said Tom Huth of Omnium Management Co., who has been overseeing the Davis Building disposition. “We gave close to 40 tours of the building.”

Built in 1926 as the Republic National Bank building, the Davis Building was converted to apartments in 2003.

It was one of the first derelict downtown office buildings to be successfully converted to housing and kicked off a redevelopment spree in that area along Main Street.

The classic skyscraper at 1309 Main St. is about 95 percent leased.

Developers spent about $35 million turning the vacant office building into 158 loft apartments and retail space. But the previous owners, Hamilton Properties, was unable to restructure or replace the financing on the property, which came due last year.

The Balthrope Group of Institutional Property Advisors at Marcus & Millichap Real Estate Investment of Services marketed the Davis Building for sale.

Bascome Group is an Irvine-based company that began buying apartments in California in the 1990.

The company now owns more than 33,000 rental units nationwide.


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