Karlin Real Estate, based in Los Angeles, has expanded its Texas portfolio by acquiring its first multifamily asset in Dallas. The company purchased The Brady, an 18-story apartment building located at 2728 Cedar Springs Road in Uptown Dallas. The transaction was financed by Blackstone Real Estate Debt Strategies, while JLB Residential, a Dallas-based firm, was the seller.
While the terms of the sale were not disclosed, public records indicate the property had a tax valuation of $128.4 million this year. Built in 2017, The Brady consists of 302 units and features amenities such as a seventh-floor pool. Karlin has announced plans to update the property.
The Brady is situated near the Katy Trail and is located within an area known as “Y’all Street,” reflecting Dallas’ growing reputation as a financial center comparable to Wall Street. The neighborhood is experiencing significant development activity, including Parkside Uptown—a 30-story office tower being developed for Bank of America—and Hunt Realty’s NorthEnd project, which will include a campus for Goldman Sachs. Additionally, the New York Stock Exchange is establishing a presence at Crow Holdings’ Old Parkland.
Karlin has been active in the Austin multifamily market since 2020, acquiring over 1,100 units in the past five years and developing mixed-use projects such as Verde Square.
Across Texas, multifamily operators have faced challenges due to an oversupply of new apartments, which has resulted in declining rents and occupancy rates. In May, the Dallas-Fort Worth area saw a 1.5 percent year-over-year decrease in rents and had an occupancy rate of 92.6 percent, ranking third-lowest among the largest U.S. metro areas.
Luxury apartment properties like The Brady have been less affected by these market conditions. According to The Brady’s website, one-bedroom units start at $2,720 per month and two-bedroom units at $4,360 per month. This contrasts with the average rent in Dallas, which is about $1,400.
