A California investment group has bought an Uptown apartment complex from developers.
Gables Residential sold the 3.75-acre Carlisle on the Creek apartments at Hall and Carlisle streets near Turtle Creek.
Built in 1967, the rental project has 176 units. Gables had owned the property since 2005.
"They bought it for redevelopment purposes," said broker Lindsay Allen. "They went through a really tough rezoning process and were knocked out."
Gables sought to build two high-rise apartment buildings on the property, but city officials refused to approve the plans.
The current low-rise buildings are more than 90 percent occupied, said Allen, who handled the sale of the complex along with Brian O'Boyle of Apartment Realty Advisors.
Terms of the sale were not disclosed.
"We had in excess of 20 offers for the deal," Allen said.
"The buyers acquired the property for income today and to hold for future redevelopment," she said.
Phil Hobson, Prudential Texas Properties