Empira invests in high-rise project in Dallas

The Empira Group is continuing its expansion in the USA with the acquisition of a development site in Dallas. According to the investment manager, it has acquired a 4,450 square meter plot for the portfolio of the Empira Residential Invest US fund, on which a high-rise building with 375 apartments is to be built. On the first floor there will be a restaurant with an area of almost 680 square meters and outdoor seating on a further 230 square meters.

The high-rise is being built at 711 N. Pearl Street, within walking distance of numerous cultural institutions such as the AT&T Performing Arts Center, the Margot and Bill Winspear Opera House and the Dallas Museum of Art. The St. Paul and Pearl/Arts District commuter rail stations are just a few minutes' walk away.

"Dallas has been on our radar for several years as the city has quickly evolved into a metropolis of national significance, attracting new residents, talent and businesses," explains Lahcen Knapp, Chairman of Empira Group. The project will provide new housing options for individuals and families who want to live within walking distance of the arts district, stores, restaurants, parks and their workplace.

According to Empira, the submarket for apartment buildings, which includes the Uptown and Downtown Dallas districts, is experiencing strong demand for residential space, which is reflected in high occupancy rates. The investment manager is convinced that several major projects currently being implemented, such as the new Goldman Sachs Campus, which is expected to create more than 5,000 additional jobs in the city center, will keep demand for residential space high.

Empira has already acquired two plots of land in downtown Miami near Brickell Avenue. The company intends to build high-quality apartment buildings there. (ah)