New owners will restore the artwork that was painted over in 2017.
The Dallas Morning News | November 30, 2020 | Steve Brown
“The new owners of a Dallas rental community on Mockingbird Lane plan to restore one of its most iconic features.
Dallas-based Strategic Property Investment Advisory just bought the 449-unit 5 Mockingbird Apartments near U.S. Highway 75.
Built in 1998, the former Phoenix apartment community for years was known for the colorful art deco-style murals that covered the four-story buildings.
Previous owner Crow Holdings painted over the artworks in 2017.
Now Strategic Property Investment says it will restore the murals.
‘5 Mockingbird is one of the most recognizable apartment complexes in all of Dallas,’ Michael Becker, principal at SPI Advisory, said in a statement. ‘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.’
The 5 Mockingbird apartments, which are next door to a DART commuter rail station, are more than 95% occupied with average rents of more than $1,600 a unit.
Crow Holdings, which sold the property, invested more than $10 million in upgrades to the apartments.
Roberto Cass and Bill Miller of JLL brokered the sale.
This is the second purchase Strategic Property Investment has made from Crow Holdings. In August, the firm bought The Dylan apartment complex in Dallas.
‘SPI is excited to work again with Crow Holdings on this notable property,’ Becker said. ‘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 D-FW economy.'”