Texas

Meghan Czechowski quote Apprise Multifamily Valuation

Web-Based Multifamily Valuation Enhances Speed, Builds Better Predictions

by Sarah Daniels February 3, 2022

The future of multifamily valuation requires flexibility and the use of technology to process data faster and more reliably. Meghan Czechowski, managing director and valuation lead for Apprise by Walker & Dunlop, spoke to Finance Insight about why multifamily valuations in particular are well suited to a web-based machine learning approach, resulting in faster appraisals with increased reliability. Finance Insight: How does the Walker & Dunlop Apprise program differ from traditional residential valuation programs? Czechowski: We’re focused on multifamily with our tech-enabled process. Most appraisal reports on the commercial side (multifamily included, that is, five units and up) are completed using a web-based database, and those databases are typically blank slates. When you’re entering sale comparables, rent comparables or other data, most people are starting from scratch and usually using an analyst to record that comparable information that then feeds into a database. The Apprise team of appraisal experts uses our Apprise application, which is a proprietary web-based system. It uses the property record database; therefore, it is not a blank slate. It has over 2.5 million multifamily records flowing into it from a public record aggregator and various industry resources like REIS, RCA and Yardi, using direct integration and …

February 3, 2022

Development Multifamily Texas

Cold Creek Solutions Breaks Ground on 300,000 SF Cold Storage Facility in San Antonio

by Taylor Williams February 2, 2022

SAN ANTONIO — Cold Creek Solutions, a cold storage developer based in the Dallas-Fort Worth area, has broken ground on a roughly 300,000-square-foot facility located at the intersection of Interstate 10 and Loop 410 in San Antonio. The facility will feature convertible spaces with temperatures ranging from -20 to 55 degrees Fahrenheit to accommodate a range of food uses. Additional building features will include 48-foot clear heights, 45,000 pallet positions and 6,000 square feet of office space. ARCO National Construction is the general contractor for the project, and Stream Realty Partners is the leasing agent. Completion is slated for the fourth quarter.

February 2, 2022

Acquisitions Multifamily Texas

IPA Brokers Sale of 372-Unit Alexan Summit Apartments in Fort Worth

by Taylor Williams February 2, 2022

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Alexan Summit, a 372-unit apartment community in Fort Worth. Built in 2018 in between the West Seventh and Near Southside Medical districts, the property features studio, one- and two-bedroom units with an average size of 866 square feet. Select units offer terraces, balconies or private yards. Amenities include a pool, fitness center, clubhouse, coffee bar, business center, pet park and an Amazon package locker system. Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill, Jeffrey Kindorf and Will Balthrope of IPA represented the seller, a partnership between an affiliate of Trammell Crow Residential and Phoenix Capital Management LLC, in the transaction. The buyer, a partnership between Busboom Group and Archwood Real Estate, has rebranded the property as The Drake on Summit. The property was 96 percent occupied at the time of sale.

February 2, 2022

Acquisitions Retail Texas

Disney Investment Group Negotiates Sale of 129,129 SF Shopping Center in Metro Dallas

by Taylor Williams February 2, 2022

LEWISVILLE, TEXAS — Locally based brokerage firm Disney Investment Group (DIG) has negotiated the sale of Lewisville West, a 129,129-square-foot shopping center located on the northern outskirts of Dallas. Anchored by El Rancho Supermercado, the center was 79 percent leased at the time of sale to tenants such as Liquor Den, Jefferson Dental, Verizon, Cricket Wireless and Starbucks. David Disney and Adam Crockett of DIG represented the undisclosed seller and procured the buyer, Chicago-based Newport Capital Partners, in the transaction.

February 2, 2022

Loans Multifamily Texas

MMCC Places $16.8M Loan With M&T Realty Capital for Refinancing of Tulsa Apartment Community

by Taylor Williams February 2, 2022

TULSA, OKLA. — Marcus & Millichap Capital Corp. (MMCC) has placed a $16.8 million loan for the refinancing of Park at Forest Oaks, a 440-unit apartment community in Tulsa. The property, which is located near Oral Roberts University, was built in 1978 near and renovated in 2015. Todd McNeil of MMCC arranged the 10-year loan, which carried a 3.41 percent interest rate, four years of interest-only payments and a 75 percent loan-to-value ratio, through M&T Realty Capital. The borrower was not disclosed.

February 2, 2022

Loans Multifamily Texas

Terrydale Capital Arranges $13.2M Acquisition Loan for Multifamily Asset in Midlothian, Texas

by Taylor Williams February 2, 2022

MIDLOTHIAN, TEXAS — Dallas-based Terrydale Capital has arranged a $13.2 million acquisition loan for a multifamily property located in the southern Dallas suburb of Midlothian. Culby Culbertson of Terrydale Capital originated the financing, which was structured with a 3.65 percent interest rate, a 25-year amortization schedule and 30 months of interest-only payments. An undisclosed bank provided the loan. The borrower and property name were also not disclosed.

February 2, 2022

Acquisitions Industrial Texas

CBRE Negotiates Sale of 622,814 SF Industrial Building in Tulsa

by Taylor Williams February 1, 2022

TULSA, OKLA. — CBRE has negotiated the sale of a 622,814-square-foot industrial building in Tulsa that is fully occupied by Port City Metals Services. Built on 50 acres in 1950, the property features 35-foot clear heights, 70-plus parking spaces and 32,838 square feet of office space. Dwayne Flynn and Ryan Shaffer of CBRE represented the seller, an entity doing business as 1315 LLC, in the transaction. Radix Equity LLC purchased the asset for $13 million.

February 1, 2022

Acquisitions Industrial Texas

MAG Capital Partners Sells Texas Industrial Portfolio Totaling 320,852 SF

by Taylor Williams February 1, 2022

FORT WORTH, TEXAS — MAG Capital Partners has sold a portfolio of three Texas industrial properties totaling 320,852 square feet. Cameron Ashley Building Products Inc. occupies the portfolio, which comprises a 136,882-square-foot asset in Dallas, a 79,970-square-foot facility in Lubbock and a 104,000-square-foot property in San Antonio. An Israel-based fund purchased the portfolio for an undisclosed price. Chelsea Mandel, Jonathan Wolfe and Jordan Shtulman of Stream Capital Partners represented MAG Capital Partners in the transaction while also securing the buyer.

February 1, 2022

Acquisitions Multifamily Texas

29th Street Capital Buys 320-Unit Villas at Hermann Park Apartments in Houston

by Taylor Williams February 1, 2022

HOUSTON — Chicago-based investment firm 29th Street Capital has purchased Villas at Hermann Park, a 320-unit apartment community located near Texas Medical Center in Houston. Built in 2000, the property offers one-, two- and three-bedroom units with stainless steel appliances, granite countertops and full-size washers and dryers. Amenities include a pool, two conference rooms, a 24-hour fitness center, package pickup room, outdoor grilling and picnic stations and shuttle service to Texas Medical Center. The new ownership plans to implement a value-add program. The seller was not disclosed.

February 1, 2022

Acquisitions Multifamily Texas

Northland Acquires 300-Unit Legend Apartments in Waco

by Taylor Williams February 1, 2022

WACO, TEXAS — Northland, a private equity real estate firm based in metro Boston, has acquired The Legend, a 300-unit apartment community located about six miles southwest of downtown Waco. The property, which according to Apartments.com was built on 17 acres in 2015, features one-, two- and three-bedroom units that are furnished with wood-style plank flooring, granite countertops and individual washers and dryers. Amenities include a pool, clubhouse, business center and café, fitness center, grilling and picnic stations and a pet park. The seller and sales price were not disclosed.

February 1, 2022

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