SkyWalker Buys Mixed-Use Waco Project, Sells Dallas Office Tower

Experienced condominium investor, SkyWalker Property, bought a fully leased residential and retail/residential property, and immediately announced it was going to convert the units to condominiums. The property will be renamed; from Austin Avenue Lofts to The Balconies Downtown.

The 227,891 square foot building has two floors of street-level retail and 41 apartments, that will soon be sold as individual units. Five units were converted before the sale.

And as part of a 1031 exchange, SkyWalker sold the Crosspoint Atrium. at 8131 LBJ Freeway. The eight story office building was 60% leased at the time of the sale.

SkyWalker’s William Welder provided insight into his decision to sell, “Multi-office buildings present challenges these days we decided to pare back our investments in the sector. The LBJ project presented a strong value-add opportunity for the right buyer.”