Hines has acquired a mixed-use portfolio in Dallas’s Bishop Arts District, purchasing a combination of Class A multifamily communities and street-level retail space along North Bishop Avenue. JLL Capital Markets arranged the transaction and represented the seller and original developer, Exxir, a firm owned by the Nazerian family.
The multifamily portion of the Bishop Arts portfolio totals 539 units spread across four properties delivered with an average vintage of 2021. The residential communities include Bishop North at 200 N Bishop Ave., Bishop Canopy at 515 W. 10th St., Bishop Flats at 305 Melba St., and Treehaus at 211 W. 10th St. According to information provided on the transaction, the multifamily assets are currently 94% leased, reflecting strong occupancy across the portfolio.
The retail component consists of 40,747 square feet of premier space concentrated along North Bishop Avenue. Situated on 1.07 acres, the retail buildings were constructed in 2018 and 2019 and are 98.2% leased to tenants. The high level of leased retail space underscores the appeal of the Bishop Arts District as a destination for local businesses and visitors.
The Bishop Arts District is described as being anchored by independent restaurants, local bars, and retailers, contributing to a walkable, neighborhood-focused environment. The newly acquired portfolio is positioned in the heart of this district, giving Hines exposure to a dense mix of dining, entertainment, and boutique retail activity alongside newer-vintage multifamily product.
Details such as the purchase price, capitalization metrics, and acquisition financing terms were not disclosed. However, the combination of recently built, Class A multifamily units and nearly fully leased retail space suggests that the portfolio represents a stabilized mixed-use investment in one of Dallas’s more prominent urban districts.
JLL Capital Markets facilitated the sale process and represented Exxir in the disposition to Hines, highlighting continued institutional interest in high-occupancy, experience-oriented urban districts that blend residential and retail uses.
