Acquisitions in Exposition Park. Photo courtesy of August Real Estate.
Editor’s note (3 p.m.): This story has been updated to clarify that the Gibson Co. former staff have been hired by August Real Estate.
Dallas-based August Real Estate Co. recently acquired 17 apartment and office buildings in Exposition Park.
The firm, which also owns the Continental Gin Building and Lakewood Tower, purchased the portfolio from David Gibson, who began amassing the real estate more than 50 years ago.
Properties span nearly nine acres in Exposition Park, a neighborhood between Deep Ellum and Fair Park, and contain more than 400,000 square feet, according to a press release from August Real Estate. Much of the portfolio is between Interstate 30 and Parry Avenue, west of Exposition Avenue.
The buildings are 97% leased by artists, residents and businesses such as GSR Andrade and Studio Outside.
“We’re inheriting an excellent foundation from an owner that has cared deeply for his buildings and the neighborhood,” Evan August, a co-founder of August Real Estate, said in a news release. “We plan to embrace David’s foundation while finding ways to bring our personality to the district through upgraded finishes, high-end design and the development of modern amenities.”
The firm completed this kind of renovation at the historic Continental Gin Building in Deep Ellum. The lobby floor contains the recently opened Tina’s Continental, Fiction Coffee, Tatsu Dallas and soon, a steakhouse called Let’s Ask Keith. The top floors feature office and coworking space provided by Common Desk.
Vertical development of the properties is possible in the future, according to a press release, but for now, August Real Estate will focus on upgrading the historical buildings.
With this acquisition, August Real Estate now owns and operates 650,000 square feet in the East Dallas area. The Gibson Co. staff, who have been hired by August Real Estate, will manage, lease and maintain the Exposition Park properties.
