DALLAS – Woods Capital has acquired the 40-story Bryan Tower in downtown.
Last year, lenders holding $70 million in debt declared the loan in default and moved to foreclose on the property.
Built in 1973, the tower was 35 percent occupied last year.
Woods Capital also owns the half-acre parking lot next to the building.
Woods’ newly formed Pacific Elm Properties LLC will turn half of the 1.1 million-sf tower into apartment units.
The Texas Real Estate Research Center has more on DFW real estate news:
Source: Dallas Morning News