The nearly two-acre property at Preston and Northwest Highway in the multi-family enclave known as “Behind the Pink Wall,” has finally sold.
The property has changed hands almost five years after the tragic fire that decimated Preston Place Condominiums, killed one resident, and left owners homeless while still making payments. All that remained of the building was the parking garage.
Houston-based Hanover Company, developers of Dallas luxury apartment buildings Cirque and 1900 McKinney, has acquired the site. The company was in talks with Preston Place owners, who had a preliminary deal with Hanover a year ago. At that time, details of the deal showed a probably 214-unit mid-rise building that could potentially offer some green space.
Since the March 2017 blaze, owners of the condos have been trying to sell the parcel. The area “Behind the Pink Wall” is considered to be one of the most coveted in Dallas because of its prime location between high-end Preston Hollow and University Park right across Northwest Highway, and walkable from luxury shopping at Preston Center.
The property is located east of Averill Way, a small street just south of Northwest Highway buffered by other aged-but-well-maintained condominiums such as Imperial House, originally designed by architect George Dahl.
The neighborhood fought long and hard over increased density and height in the area, despite the presence of two towers on either side of the site: The Athena to the east, Preston Tower to the west.
According to Steve Brown, Hanover plans to build a more than 200-unit rental project on the site. According to records, Hanover bought the property from the Preston Place Condominium Association. An $86.8 million loan for the purchase was made by Northwestern Mutual Life Insurance.
Hanover is also negotiating on 2525 Turtle Creek Blvd. near Fairmont Street, a site that now holds about a hundred condos known as Turtle Creek Gardens, just north of Uptown. We know the owners have been marketing the property since at least 2020.
Steve says Hanover has built the 1900 McKinney apartment tower in Uptown, and the popular Cirque high-rise apartments in Victory Park.
