A prime Uptown Dallas property has sold to apartment developers at one of the highest prices yet for the area.
San Antonio-based Kairoi Residential and Chicago-based investor RREEF bought the more than 1-acre tract on Maple Avenue across the street from the Crescent.
The vacant half block was formerly the site of Dallas’ storied Old Warsaw restaurant.
The restaurant moved away from the site when developers proposed an office tower on the property.
But for the last year, the land has been marketed for sale by commercial property firm JLL.
The tract just traded at close to $375 per square foot.
Kairoi, which formerly operated as Lynd Residential, is planning a high-rise apartment project on the site that would be built in partnership with RREEF, real estate brokers who are tracking the deal said.
Almost a dozen residential towers are currently in the development pipeline in North Texas, with more than 4,000 super-luxury rental units.
The just-sold Maple Avenue property is one of the few vacant high-rise development sites available in that area.
“That Maple Avenue site is such a marquee location across from the Crescent,” said longtime Dallas property broker Mike Turner. “Almost all the good sites in Uptown are gone.”
Turner said that Uptown land prices are setting new highs locally but are still low compared with what similar property is trading for in other major U.S. metro areas.
The original Old Warsaw, which was torn down in 2016, had been in the same location since 1948. The restaurant moved to a location just a block away.
The previous owners of the Maple Avenue site had planned to build a 14-story office tower. But the deal never got off the ground.
Land prices in Uptown now top $350 per square foot for well-located development sites.
A small block on Akard Street north of downtown that’s planned for an office tower recently went for almost $400 per square foot.
JLL’s Jack Crews, Brad Enloe, Alexis Wolfe and Grayson Fewin brokered the Maple Avenue land sale to RREEF.
Kairoi has operations in eight states and has offices in San Antonio, Austin and Denver. The company has been involved in more than $4 billion in projects since 2003.
The developer is currently building a 297-unit apartment project on Harwood Street in downtown Dallas’ Farmers Market District. The community is called Amelia at Farmers Market.