Hines Acquires Bishop Arts Multifamily Portfolio, Retail
JLL Capital Markets arranged the sale of the Bishop Arts retail and multifamily portfolio, a collection of four Class A multifamily properties and 40,747 square feet of premier retail along North Bishop Ave. in Dallas. The Bishop Arts District is anchored by independent restaurants, local bars and retail.
JLL represented the seller and developer, Exxir, owned by the Nazerian family, in the sale of the portfolio to Hines.
The multifamily component consists of Bishop North (200 N Bishop Ave.), Bishop Canopy (515 W. 10th St., shown), Bishop Flats (305 Melba St.) and Treehaus (211 W. 10th St.). With an average vintage of 2021 and a total of 539 units, Overall, the multifamily portfolio is 94% leased.
The retail component of the portfolio occupies 1.07 acres. The buildings were built in 2018 and 2019 and are 98.2% leased to tenants.
The Bishop Arts Portfolio is positioned in the heart of the Bishop Arts District, which is anchored by independent restaurants, local bars and retail.
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