Three Westlake Switching to Apartments

DeBartolo Development and local real estate investor John Quinlan announced it started construction to turn Three Westlake, a 19-story office tower at 550 Westlake Park Boulevard, into a 311-unit apartment building. Construction started a few months ago and is expected to be completed in 2026. The Dallas Business Journal reports Quinlan acquired the property for $21 million through online commercial real estate auction platform Ten-X in 2022 — reportedly at a $67.4 million loss for the previous owner — with the idea to convert its use.

There will be 17 apartments per floor on 18 floors. Amenities will include a rooftop pool and spa, gym, club room, dog park and wash facility, bike storage and maintenance, storage rooms, recreation center with TV, pool and shuffleboard, and offices and conference rooms for residents who work from home.

The number of apartments scheduled for conversion from office space nationwide has grown from 12,100 to 55,339 between 2021 and 2024, according to RentCafe.

Register today for Connect Phoenix Multifamily & Single-Family Build-to-Rent, scheduled for April 18 at the Westin Kierland Resort & Spa, Scottsdale, AZ.