Here’s a chance to get in on the development boom east of Central Expressway.
New York-based investor Abington Properties is selling Hall Street Flats, a 340-unit multifamily property in Old East Dallas. JLL has the listing.
Hall Street Flats, at 1800 North Hall Street, is 94 percent occupied. It was built in 2016 by Dallas-based builder Mill Creek Residential, in partnership with GID Real Estate Investments, the Dallas Morning News reported. The median household income in a 1-mile radius is nearly $100,000, the listing said.
Abington Properties, a family company helmed by Mark Kalimain, bought the complex in 2020 with a $34 million mortgage from Insurance Strategy Funding, according to loan documents. Hall Street Flats sticks out among the firm’s portfolio, which otherwise appears to only include property in New York City.
The property was appraised at $74 million in 2024, appraisal data shows. Since 2019, its appraised value has jumped 40 percent, from $52.8 million.
Hall Street Flats is about a mile south of The Central, Artemio De La Vega’s mixed-use project taking shape across the highway from Knox-Henderson. The development promises to bring the east side its first high rise between downtown and Mockingbird Lane in 40 years.
Apartment deliveries flooded the multifamily market in Dallas-Fort Worth last year; nearly 40,000 units were delivered between January and mid-November, according to Partners Real Estate.
The glut of inventory has put pressure on rent prices and caused vacancy to swell; it is at a 20-year high of almost 11 percent, Partners said.
But, with the pipeline clearing, industry experts predict rent growth in DFW will stabilize this year and could even end the year in the black by up to 3 percent.
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