Iconic Dallas Apartments Under New Ownership
Iconic Dallas Apartments Under New Ownership
PRESS RELEASE | Nov 30, 2020
SPI Advisory, LLC
5 Mockingbird Apartments, formerly “The Phoenix Midtown”
This November, Multifamily investment company SPI Advisory has purchased sought-after property 5 Mockingbird Apartments in Dallas, Texas from Crow Holdings. Nestled in the heart of Dallas, the property includes 449 individual units, features sophisticated Art-Deco designs and claims a prime location near SMU and Mockingbird Station. Just a short distance from Greenville’s nightlife and Knox-Henderson’s chic shopping, 5 Mockingbird promises to attract Dallas residents with luxury amenities including gas fireplaces, Juliette balconies, and a rooftop lounge with sweeping views of the city’s skyline. The complex first opened its doors in 1998 and recently underwent extensive interior renovations by Crow Holdings. This is the second deal SPI Advisory has purchased from Crow; the Dallas-based company also purchased The Dylan from Crow this past August.
“SPI is excited to work again with Crow Holdings on this notable property,” said Michael Becker, Principal at SPI Advisory. “To complete two acquisitions with Crow within months of each other speaks to the growth of our company, as well as to our bullish outlook for the DFW economy.”
This beloved East Dallas property will benefit from SPI Advisory’s plans to invest a significant amount on renovating to the building’s exterior. Once known for its striking mural, 5 Mockingbird Apartments’ previous owner painted over the stunning art deco images. Dallasites will be happy to know the much-loved murals will return under the property’s new management.
“5 Mockingbird is one of the most recognizable apartment complexes in all of Dallas," Becker added. “Longtime Dallas residents knew it as the building on Mockingbird with the striking murals. We plan on hiring a local artist to paint murals on its south-facing exterior to bring the property back to its original glory.”