Karlin Real Estate has acquired its first multifamily property in Dallas, expanding its Texas apartment portfolio. The Los Angeles-based company purchased The Brady, an 18-story, 302-unit apartment building located at 2728 Cedar Springs Road in Uptown Dallas. The acquisition was financed by Blackstone Real Estate Debt Strategies, and the seller was JLB Residential, based in Dallas, according to deed records.
While the financial terms of the transaction were not disclosed, the property was assessed at $128.4 million for tax purposes in 2025. The Brady, completed in 2017, is situated next to the Katy Trail and includes amenities such as a seventh-floor pool. Karlin Real Estate has announced plans to update the building.
The property is located in an area referred to as “Y’all Street,” highlighting Dallas’ emergence as a significant financial center. The neighborhood is set to see further development, including Parkside Uptown—a 30-story tower that will house Bank of America’s new office—and Hunt Realty’s NorthEnd, an 11-acre mixed-use project featuring a campus for Goldman Sachs. Additionally, the New York Stock Exchange is establishing a presence at Crow Holdings’ Old Parkland across Turtle Creek.
Since 2020, Karlin Real Estate has concentrated on expanding its multifamily holdings in Austin, acquiring over 1,100 units in the past five years and developing mixed-use projects such as Verde Square.
Multifamily operators in Texas have faced challenges due to a large number of new apartment deliveries, which have led to declines in rental rates and occupancy levels. In May, Dallas-Fort Worth experienced a 1.5 percent drop in rents over the previous year, with an occupancy rate of 92.6 percent—one of the lowest among major U.S. cities. However, luxury properties like The Brady have been less affected by these market conditions. The Brady’s website lists one-bedroom apartments starting at $2,720 per month and two-bedrooms at $4,360, while the average rent in Dallas is about $1,400.
