A real estate firm with ties to Jared Kushner, President Donald Trump's son-in-law and an adviser, made with partner Top Line Investments its first acquisition in the city of Dallas in one of the largest multifamily sales in recent years.
Kushner Companies LLC, based in New York City, and Top Line acquired Eastline Residences, a 28-story, 330-unit luxury high-rise apartment at 6050 N. Central Expressway in Dallas for an undisclosed sum. Dallas County had yet to record a deed for the deal as of Monday. The tower was last valued for the county tax rolls at $131 million.
"Dallas represents a key strategic growth market for Kushner, and we are committed to scaling our footprint through thoughtfully selected, institutional-quality assets such as Eastline,” Kushner CEO Laurent Morali said in a statement.
“With resilient demand drivers, favorable long-term demographics, and moderating new supply, the market offers an attractive environment for value creation," Morali said, adding the deal "aligns perfectly with our expansion strategy in Texas."
Top Line Chief Financial Officer Rich Finley echoed Morali's statement, saying the property is the perfect addition to the duo's investment partnership, which has been in place for a decade.
Kushner plans to upgrade a vacant 7,610-square-foot retail space at the building into an additional tenant amenity. The firm plans to keep the tower's existing name with Kushner's in-house property management entity, Westminster, assuming oversight.
The deal aligns with Kushner's regional strategy in Texas, with the firm managing more than 2,000 apartment units in the state. This includes about 300 apartments in the greater Dallas area outside the city. According to the firm's website, Eastline Residences is the only property in its portfolio within the city of Dallas.
The five-year-old multifamily property was built by Convexity Properties with expansive floor plans, premium interior finishes and views of downtown Dallas within walking distance of Southern Methodist University and the entrance to the Katy Trail, a 3.5-mile urban trail that takes pedestrians to the American Airlines Center in Victory Park. The tower touts its 28th-floor pool as the tallest rooftop pool in the Dallas-Fort Worth region.
The penthouse units in the tower on floors 25 through 28 have elevated finishes with custom closet systems, recessed lighting and motorized shades with rents in excess of $6,500 per month.
Each residential unit has keyless electronic entry, floor-to-ceiling windows, built-in entry mudrooms, quartz countertops, wood cabinetry, stainless steel appliances and private balconies and patios.
“As the second-largest residential sale in the [Dallas-Fort Worth region] since 2022, this transaction underscores the depth of investor demand for premier urban core communities in Dallas," said Eric Stockley, a senior vice president of investment sales at Northmarq, in a statement.
"The community has maintained approximately 95% average occupancy since opening while achieving nearly 4% rent growth over the past 12 months," Stockley added. "This demonstrates the sustained demand for high-quality luxury product in the market.”
Stockley represented the seller, Convexity Properties LLC, alongside Taylor Snoddy and Charles Hubbard. Northmarq's Kevin Leamy and Lauren Bresky advised the buyer on financing the deal.
Stockley added that the apartment tower represents "exactly the type of trophy asset that institutional buyers aggressively compete to acquire."