August Acquires Lakewood Towers in Portfolio Expansion

Dallas-based August Real Estate Co. recently acquired Lakewood Tower, a nine-story 120,000-square-foot office building in the Lakewood community of East Dallas. The building is situated on more than 3.5 acres near the Lakewood Country Club.

Currently 97 percent leased, the building has achieved a strong historical occupancy rate averaging more than 90 percent in the past decade. The diverse rent roll is well distributed across industries including real estate, healthcare, professional services and finance companies, highlighted by long-time tenants Wells Fargo, Briggs Freeman and Baylor Scott & White.

“Lakewood Tower is an excellent opportunity to expand our portfolio while contributing to the area’s growth through thoughtful building improvements over time,” said Evan August, August Real Estate Co. co-founder.

August Real Estate Co. purchased Lakewood Tower from a partnership controlled by Caddo Holdings. A Caddo affiliate will retain ownership of the adjacent four-story building, which is the newest location for the Caddo Office Reimagined brand, a flexible private office suite concept.

Goodwin Advisors’ Evan Stone represented Caddo Holdings in the sale. Veritex Bank will provide the acquisition financing for August Real Estate Co. sourced by Adam Mengacci with Hamilton Realty Finance.