Austin firm to begin construction on new downtown Dallas community

An affiliate of Austin-based Cypress Real Estate Advisors Inc. has acquired the former headquarters of the Dallas Teacher Credit Union and the Credit Union of Texas along Ross Avenue to redevelop the space a new urban-style apartment community.

The 3.83-acre development site at 4600 Ross Ave. in Dallas had served as the credit union’s headquarters for more than 50 years. Terms of the land deal from a local investment partnership were undisclosed.

Cypress Real Estate was drawn to the tract because of its proximity to employers in Uptown and downtown Dallas, as well as nearby iconic retailers, said Bill Rafkin, a principal at the real estate investment firm.