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The Dylan - an upscale apartment complex located in the Oak Lawn community - has been sold to Canyon-Johnson Urban Funds (CJUF). The Dylan, which was completed in 2009, was built to meet a growing demand for high-quality apartments in the Dallas area.

CJUF is the joint venture between Canyon Capital Realty Advisors an an affiliate of Magic Johnson Enterprises. The company plans to continue operations at The Dylan while enhancing certains aspects on the complex. The Dylan is a 125-unit complex and consists of 90 apartment flats and 35 townhouse homes. While it was originally built as for-sale condos, CJUF will continue to operate it as an apartment community.

In a press release, CJUF Managing Partner Bobby Turner said, "CJUF has been active in Texas for many years, and we're excited to make our first inveestment in the Dallas residential market. The Dallas-Fort Worth area has strong fundamentals and many of the characteristics we look for, including density, diversity and demand."

Magic Johnson, himself, also said, "We are dedicated to bringing quality housing to dense urban areas like Dallas with a strong employment and growing economy. The Dylan is a very good project for the people of Dallas, and fits right into Canyon-Johnson's program of investing in urban America."

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