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Westdale Broadens Base in Dallas' Deep Ellum

DALLAS-Henry S. Miller Cos. sells the 127-unit Deep Ellum Lofts to a neighbor, who can offset a parking shortfall. Comparable in-town asset sales can bring upward of $13 million.

By Connie Gore | Updated on January 08, 2008

(Read more on the multifamily market.)

DALLAS-Lowering the curtain on a 12-year investment, Henry S. Miller Cos. Inc. has sold the 127-unit Deep Ellum Lofts to Westdale Asset Management Inc. Based on average sales of higher-end class B properties, the three-building historic complex most likely drew at least $13 million due to its renovation, in-town location, high occupancy and prominence in the market.

The sale culminates years of renovation, partnership disputes and stabilization efforts for the project, which traded at 93% to 95% occupancy despite the uphill battle, according to Greg Miller, senior vice president and general counsel of the Dallas-based firm. The off-market deal, sealed in the last weeks of 2007, consisted of the 61-unit Continental Gin Building at 3311 Elm St., 37-unit Farm & Ranch Building at 3300 Main St. and 29-unit Murray Building at 3401 Commerce St.

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