Austin-based Cypress Real Estate Advisors is developing a four-story apartment complex at 4600 Ross Ave. in Old East Dallas. With a ground breaking date set for the first quarter of 2018, the 294-unit project is slated for completion in early 2020. Transwestern Senior Vice President Steve Williamson facilitated the purchase, representing both Cypress and the seller in the transaction. JHP Architects will handle design duties, and Oden Hughes Taylor Construction has been selected as the general contractor.
The 3.83 acre property, which previously housed the Dallas Teacher Credit Union and the Texas Credit Union, is a prized acquisition for the Austin-based firm which beat out several other prospective buyers for the property, according to Williamson. “Cypress was drawn to this dynamic redevelopment opportunity due to its proximity to employers in the nearby central business district and Uptown, as well as its easy access to iconic retailers and restaurants along Henderson, Fitzhugh and Lower Greenville,” Cypress Principal Bill Rafkin said in a statement.
In addition to the attractive surrounding area, Cypress also values the deal due to the scarcity of opportunities near the CBD. “Large infill sites are difficult to find in this area, so being able to buy and rezone a site along Ross Avenue was a real coup for Cypress,” Williamson says.