The Christopher Provides Buyer Long-Term Yield Stability

L&B Realty Advisors LLP recently acquired The Christopher at The Union in Dallas, purchased on behalf of an L&B client. RED Development, a Phoenix-based mixed-use real estate company, was the seller. The terms of the transaction were not disclosed.

The 31-story class-A high-rise residential building was built in 2019 and has 309 units totaling 360,147 square feet. The Christopher consists of 15 studio units, 166 one-bedroom units, 93 two-bedroom units, 21 three-bedroom units and 14 penthouse units with an average unit size of 1,166 square feet.

The property is part of The Union, a large mixed-use development that includes Uptown’s only full-size grocery store, restaurants and 420,695-square-foot office tower. In addition to the grocer with pharmacy, it is in walking distance to seven on-site restaurants, the Uptown and Downtown districts, Harwood District, Arts District, Victory Park and Klyde Warren Park.

“Given the asset quality, strong demand drivers and future supply constraints, this core residential asset will give our client the long-term yield stability consistent with their strategy,” says Stacie Crown, executive vice president for L&B.

Eastdil Secured’s Phoebe Brent and Ryan Reid represented the seller. The property’s leasing team of Brandy Lawrence and Phillip Talamantes from Lincoln Property Company also assisted with the sale.