Dallas Real Estate Investors Poised for Buying Spree

While economists and market researchers may not always agree on the future direction of the real estate market, investors are making their opinions clear by making major acquisitions in what they clearly see as a buyers’ market.  CTMGT LLC, a Carrollton-based affiliate of Centurion American Development Group, has made a successful $4.55 bid for the residential high-rise, Heritage at the Stoneleigh in Uptown. Construction halted on the 20-story project, which adjoins the landmark Stoneleigh Hotel, in 2008. But CTMGT told the Dallas Morning News it plans to resume construction and says it already has more than a dozen people interested in buying the large condo units, which range in size from 2,500 to 8,000 square feet.

Meanwhile, Dallas-based Trigate Partners announced that it has joined with Regent Partners LLC to form a $400 million fund for commercial real estate acquisitions. TriGate’s principals have invested in more than $10 billion of real estate assets over the years, and they are now poised to take advantage of investment opportunities in the current market. “It is our belief that market participants will be looking to firms that have capital, but also have the ability to add value to real estate through intensive management and redevelopment,” David Allman, chairman of Regent Partners, said in a statement.

Tags: Uptown