Deluxe Deep Ellum apartment block goes to Chicago investor

Deluxe Deep Ellum apartment block goes to Chicago investor

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One of Deep Ellum’s newest rental communities has changed hands.

The Novel Deep Ellum apartments are located on Canton Street just east of downtown Dallas.

Completed in early 2020, the 231-unit luxury rental property was opened in late 2019 by developer Crescent Communities.

Now the Novel Deep Ellum has been purchased by one of the country’s largest apartment owners, Chicago-based Equity Residential Group, county deed records show.

The 7-story apartment project includes two tenant lounges inside the building, a gym and a room set aside for arts and crafts.

Rents in the building originally ranged from around $1,500 for the smallest units to more than $3,600 for the largest ones.

The building features original art and murals from local artists.

The pool deck at the Novel Deep Ellum apartments.(Steve Brown)

And there’s ground floor retail space along Canton Street.

The building was designed by architect Hord Coplan Macht.

The Deep Ellum purchase is Equity Residential’s second major apartment buy in the Dallas area this month.

The investor just acquired the Kilby rental community in Frisco Square near the Dallas North Tollway.

Both the Deep Ellum and Frisco purchases give Equity Residential a new stake in North Texas’ booming apartment market.

Equity Residential just announced and almost $2 billion venture with apartment builder Toll Brothers to develop more rental units in major markets across the country including Dallas-Fort Worth.

Equity Residential also recently acquired apartments in Austin, after not owning rental properties in Texas for some time.

The real estate investment trust was founded by Chicago investor Sam Zell and currently owns more than 75,000 rental units nationwide.

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