Former Hilton Hotel building changes ownership as Project Stargate moves forward.
ABILENE, Texas (July 23, 2025) –
Franklin Street, a fully integrated national commercial real estate services firm headquartered in Tampa, Florida, announced it has successfully brokered the sale of The Windsor Hotel Apartments at 401 Pine Street in Abilene, Texas. Franklin Street represented the seller, North Management LLC, in the sale of the property to Studio 168 Productions. The Windsor is a major part of the overall revitalization of downtown Abilene and the sale comes as Project Stargate moves forward with a construction loan secured to build the first in a series of new data centers in the U.S. —backed by OpenAI, Oracle, and Softbank—in Abilene to help the U.S. lead the world in the development of AI.
“Abilene was thrust into the national spotlight earlier this year when it was announced as the first location for Project Stargate, and this innovative property is one of the most desirable for young professionals in West Texas and investors alike,” Patrick Strake, senior director of Multifamily for Franklin Street, said. “This new chapter of the historic building is being written as Abilene transforms its downtown and readies itself to be home to a data hub for the development of AI. The Windsor is an activated and popular destination not just for its residents but for all of Abilene as the retail mix was curated to serve the local community.”
The 10-story multifamily, mixed-use building was originally a Conrad Hilton Hotel built in 1926 before becoming a senior assisted living facility. It was extensively renovated in 2023 by North Management who ensured the original 1920s architectural details were preserved. Renovations totaled $4.7 million and included amenities such as a state-of-the-art fitness center with infrared sauna, co-working space, resident lounge and ground floor retail including a cocktail bar, café, and boutique retail tenants.
“Patrick and his team were instrumental and getting me the highest price for my property and executed the transaction with the upmost professionalism, market knowledge, and negotiation skills,” Horacio Ledon, principal, North Management LLC said. “Franklin Street tailored their solutions to my needs and were a perfect partner for our efforts. Patrick’s deep knowledge of the market coupled with an even keeled and poised demeanor are a huge asset to any investor looking to go to market.”
At 110,000 square feet, The Windsor was more than 95% occupied when the transaction closed. The new owner plans to leverage the completed renovation to optimize operations and enhance tenant experience at the unique downtown asset. The focus will be on maximizing mixed-use potential with retail and dining components while maintaining the luxury residential experience. Located in the heart of Abilene’s cultural district, The Windsor is steps from Hendrick Medical Center and within five minutes of Abilene Christian University, Hardin-Simmons University, and McMurry University.
About Franklin Street:
Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise, and experience of each of its lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management. Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the firm has teams located in top markets throughout the country and works with owners and occupiers of commercial real estate nationwide. Learn more about Franklin Street at FranklinSt.com.
