Karlin Real Estate has acquired its first multifamily property in Dallas, expanding its Texas apartment holdings. The Los Angeles-based company purchased The Brady, an 18-story, 302-unit building located at 2728 Cedar Springs Road in the Uptown neighborhood. Blackstone Real Estate Debt Strategies provided the financing for the transaction, while JLB Residential, based in Dallas, was the seller, according to public records.
Although the financial terms of the deal were not disclosed, the property was valued at $128.4 million for tax purposes in 2025. The Brady, completed in 2017, is adjacent to the Katy Trail and includes amenities such as a seventh-floor pool. Karlin plans to update the property, according to a company statement.
The building is located in the area known as “Y’all Street,” a nickname reflecting Dallas’ emergence as a financial center. The neighborhood is set for further development, with projects such as Parkside Uptown—a 30-story office tower for Bank of America—and Hunt Realty’s NorthEnd, an 11-acre mixed-use project that will include a Goldman Sachs campus. The New York Stock Exchange is also establishing a presence nearby at Crow Holdings’ Old Parkland.
Since 2020, Karlin has concentrated on growing its multifamily portfolio in Austin, where it has acquired over 1,100 units in the past five years and developed mixed-use projects like Verde Square.
Across Texas, multifamily operators have faced challenges due to an oversupply of new apartments, which has led to declines in rental rates and occupancy levels. In May, rents in the Dallas-Fort Worth area fell by 1.5 percent over the previous year, according to Yardi Matrix data. The area’s occupancy rate of 92.6 percent ranked third-lowest among the nation’s 30 largest cities.
Luxury apartments have been less affected by these market trends. According to The Brady’s website, one-bedroom units start at $2,720 per month and two-bedroom units at $4,360, while the average rent in Dallas is about $1,400.
