Mehrdad Moayedi has acquired 20 units at the Bleu Ciel condominium tower in Dallas’ Harwood District, following a foreclosure sale involving property developed by Gabriel Barbier-Mueller’s Harwood International, according to a March 13 report.
The purchase comes after TexasBank obtained the condos through a $23.6 million credit bid at auction, following an alleged default on a $30 million loan by Harwood International. The acquisition marks another significant change in ownership within the district, which has seen several properties change hands recently due to financial distress.
Moayedi, founder of Centurion American, confirmed he bought the units from TexasBank and plans to update them. “I think Gabriel is a great developer,” Moayedi said. “He did a good job. It’s a great piece of property, and I’m going to improve going from there and respect his legacy.” He also said he intends to keep one of the penthouses for himself.
Although Moayedi is primarily known for single-family home development in Dallas-Fort Worth suburbs, he has experience with condo projects in Uptown. Sales began in December for Residences on Routh, another condo building he developed nearby.
Other recent transactions in the area include Spear Street Capital’s acquisition of Harwood No. 4 and Bill Cawley’s purchase of Harwood No. 1 after both properties went through foreclosure processes. Additionally, TPG acquired five office buildings from Harwood International and announced plans to renovate them while allowing Harwood International to retain a minority stake.
The ongoing changes reflect broader trends in Uptown Dallas, which remains one of the city’s most sought-after submarkets with high office rents and new developments planned by major banks.
