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The newest rental building in Dallas’ Cedars neighborhood has changed hands.
A California investor bought the 102-unit Digit 1919 apartments on Akard Street south of downtown.
The four-story rental community on Dallas’ near south side is in an area that’s seeing rapid property investment and redevelopment.
Real estate investor and developer Zad Roumaya confirmed that he’s sold the building he started working on in 2016.
"When we turned the asset over to the new owners, it was 97 percent leased," Roumaya said. "The project has done very well."
Deed records show that the apartment building was purchased by Modesto, Calif.-based Porges Properties, a family-owned investment group. Terms of the acquisition were not disclosed.
The rental building is the second project Roumaya has developed in the Cedars. In 2007, he built 49 condos in a project called Buzz at South Akard and Griffin streets. Since then, interest in the area among builders and investors has soared.
Roumaya said he expects the trend to continue, but he warns that redevelopment of the area won’t happen overnight.
"Everybody thinks these areas will happen immediately, but then it winds up taking five or 10 years," he said.