Oak Cliff recently entered the commercial real estate business with the sale of the old apartments from Novel Bishop Arts.
Houston-based Barvin purchased the 302-unit apartment complex from developer Crescent Communities in July.
Built in 2019, the development also includes 20,000 square feet of retail space. It has already been renamed Vance at Bishop Union. The complex is adjacent to a site where Central Market plans to build a futures store.
Crescent also sold its Novel Deep Ellum to Chicago-based Equity Residential in August.
The company also has the 20 story Novel Turtle Creek under construction and is planning more in this market.
“Crescent Communities plans to continue to expand its presence in Dallas-Fort Worth and the greater Texas market through intentional and strategic partnerships with further announcements to come,” a press release read.
The development of Oak Cliff was the North Carolina-based developer’s first foray into this market, which has since mushroomed with new apartments.
The Dallas area is now the nation’s No.1 commercial real estate market, racking up $ 13.4 billion in transactions in the first six months of 2021, largely thanks to investments in new high-end apartment complexes .