Texas

Darwin German Sells 161-Unit Villa Creek Apartments in Metro Dallas

by Taylor Williams June 22, 2021

FARMERS BRANCH, TEXAS — Locally based firm Darwin German Real Estate Investments has sold Villa Creek, a 161-unit apartment complex in the northern Dallas metro of Farmers Branch. According to Apartments.com, the property was built in 1965 and features one- and two-bedroom units. Darwin German originally purchased the asset in 2016 in an off-market deal. Chris Deuillet and William Hubbard of CBRE represented the buyer, Dallas-based Blue Ocean Capital LLC, in the transaction. William Givens and Robert Siddall, also with CBRE, arranged acquisition financing on behalf of the new ownership.

June 22, 2021

Leasing Activity Office Texas

Integrity Marketing Group Signs 100,000 SF Office Lease in Dallas Arts District

by Taylor Williams June 22, 2021

DALLAS — Integrity Marketing Group, a distributor of life and health insurance products, has signed a 100,000-square-foot office lease for its new headquarters at Fountain Place, a 58-story building in the Dallas Arts District. CBRE’s Josh White and Ryan Buchanan represented the tenant, which will occupy six floors at Fountain Place as part of its relocation from Coppell, in the lease negotiations. CBRE’s Fletcher Cordell, Dennis Barnes and Jackie Marshall represented the landlord, Goddard Investment Group, which recently completed a $75 million renovation at the property. That project included the addition of a 10-story parking garage, retail and restaurant space and a tenant lounge and conference center.

June 22, 2021

Affordable Housing Loans Multifamily Oklahoma Texas

KeyBank Provides $20.6M Financing for Oklahoma City Affordable Housing Community

by Taylor Williams June 22, 2021

OKLAHOMA CITY — KeyBank’s Community Development Lending and Investment (CDLI) platform has provided $20.6 million in financing for the purchase and renovation of Hillcrest Green Apartments, a 96-unit affordable housing property in Oklahoma City. The financing consists of a $9.3 million construction loan, $7 million in low-income housing tax credit equity from the Key Community Development Corp. and a $4.3 million permanent loan. Units at the Section 8 property include studio, one-, two- and four-bedroom residences that are reserved for renters earning 60 percent or less of the area median income. The borrower was Indianapolis-based developer TWG. Kelly Frank and Ryan Olman of KeyBank’s CDLI team originated the financing.

June 22, 2021

Acquisitions Industrial Texas

Marcus & Millichap Brokers Sale of 58,418 SF Industrial Building in Brownsville, Texas

by Taylor Williams June 22, 2021

BROWNSVILLE, TEXAS — Marcus & Millichap has brokered the sale of a 58,418-square-foot industrial building located on 5.3 acres in the South Texas city of Brownsville. The property was triple net leased to textile recycling company Martex Fiber at the time of sale. Adam Abushagur and Tyler Sharp of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was a California-based private investor. Both parties involved in the transaction requested anonymity.

June 22, 2021

Acquisitions Industrial Texas

RockFarmer Acquires Two Multifamily Properties Totaling 440 Units in Dallas

by Taylor Williams June 21, 2021

DALLAS — New York City-based investment firm RockFarmer Properties has acquired 98Fifty and Apex, two adjacent multifamily properties in the Lake Highlands area of Dallas totaling 440 units. Both properties were built around 30 years ago, feature one- and two-bedroom units and offer amenities such as pools, playgrounds, outdoor grilling stations, resident clubhouses and dog parks. NorthMarq represented RockFarmer and the undisclosed seller in the off-market transaction and arranged acquisition financing on RockFarmer’s behalf. The new ownership plans to invest in capital improvements.

June 21, 2021

Development Multifamily Texas

Legacy Partners, Bridge Investment Break Ground on 361-Unit Apartment Community in Metro Dallas

by Taylor Williams June 21, 2021

RICHARDSON, TEXAS — Legacy Partners and Bridge Investment Group have broken ground on Ovation at Galatyn Park, a 361-unit apartment community in the northeastern Dallas suburb of Richardson. Designed by WDG, the property will offer one-, two- and three-bedroom units that will range in size from 570 to 1,700 square feet. Amenities will include a fitness center, bike storage and repair shop, outdoor kitchen, sky lounge, coworking space and a grab-and-go convenience mart. Completion is slated for spring 2023. Rents will start at $1,400 per month for a one-bedroom unit.

June 21, 2021

Acquisitions Multifamily Student Housing Texas

Newmark Brokers Sale of 384-Bed Rio West Student Housing Near UT Austin

by Taylor Williams June 21, 2021

AUSTIN, TEXAS — Newmark has brokered the sale of Rio West, a 384-bed student housing community located less than a quarter of a mile from the University of Texas at Austin’s campus. The property offers a private parking garage, onsite management and maintenance services, a complimentary coffee bar, private study lounges, a resort-style pool with an outdoor patio and grilling stations and a 24/7 fitness center. Ryan Lang and Jack Brett of Newmark represented the seller, Virginia-based ILM Capital LLC, in the transaction. The buyer and sales price were not disclosed.

June 21, 2021

Acquisitions Multifamily Seniors Housing Texas

Livingston Street Capital Buys 180-Unit Active Adult Community in Lewisville, Texas

by Taylor Williams June 21, 2021

LEWISVILLE, TEXAS — An affiliate of private equity firm Livingston Street Capital has purchased a 180-unit active adult community located on the northern outskirts of Dallas. The property, which was built in 2002 and renovated in 2018, has been rebranded as Haven of Lewisville Lake. Units feature granite countertops, individual washers and dryers and stainless steel appliances, as well as outdoor patios and plank flooring in select units. Amenities include a resort-style pool, heated spa, poolside lounge, resident clubhouse, game room and a 24/7 fitness center. Residents also have access to an onsite salon, massage therapist and shuttle services. The seller was not disclosed.

June 21, 2021

Industrial Leasing Activity Texas

Holt Lunsford Commercial Negotiates 117,047 SF Industrial Lease Renewal in West Dallas

by Taylor Williams June 21, 2021

DALLAS — Locally based brokerage firm Holt Lunsford Commercial has negotiated a 117,047-square-foot industrial lease renewal at 3901 Pipestone Road in West Dallas. According to LoopNet Inc., the property sits on 7.6 acres and spans 176,274 square feet. John Gorman of Holt Lunsford represented the landlord, Prim Turnpike Portfolio LLC, in the lease negotiations. Art Leichner and Andrew Crites with Newmark represented the tenant, New Thermo-Serv Ltd.

June 21, 2021

Development Mixed-Use Texas

Partnership Breaks Ground on Maple Terrace Mixed-Use Project in Uptown Dallas

by Taylor Williams June 18, 2021

DALLAS — A partnership between two Houston-based firms, Hines and McNair Interests, and Mitsui Fudosan America has broken ground on Maple Terrace, a 3.4-acre mixed-use project in Uptown Dallas. The project is being developed at the site of the former Maple Terrace building, which was originally constructed in the 1920s and will be preserved and revamped. Project plans currently call for 157,000 square feet of office space, a 22-story residential tower with 345 luxury apartments and 12,000 square feet of restaurant space, a portion of which is preleased to steakhouse concept Maple & Ash. Residential units will range in size from 601 to 2,879 square feet, and residential amenities will include a fitness center, pool, dog park and a rooftop terrace, while office users will have access to another fitness center, lobby lounge and library bar and a golf simulator. Dallas-based 5G Studio Collaborative is the architect for the preservation of the historic building that will house the office space. Dallas-based GFF is designing the multifamily tower, and international architecture firm Rottet Studio will handle interior design of both the office and residential components. Maple Terrace is slated for completion in the third quarter of 2023.

June 18, 2021

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