Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of 1,437-unit, five-property Royalton Portfolio. Four properties are in the Dallas-Fort Worth metro area and one is in suburban Austin.

“All five properties are newly constructed assets in high-growth, suburban locations,” said IPA Senior Managing Director Drew Kile. “They are all market-leading assets within their submarkets and all experienced exceptional leasing velocity.”

Kile and IPA’s Joey Tumminello, Will Balthrope, Jordan Featherston, Michael Ware, Taylor Hill, Kent Myers, Asher Hall, Grant Raymond, and Jeffrey Kindorf represented the seller, SWBC Real Estate. The team also procured the buyers, Lightbulb Capital Group, the family office of Jay Schuminsky, purchaser of the Metroplex assets and Brixton Capital, which acquired the Austin-area property.

“Class-A asset sales like these drove the highest transaction velocity since 2018 in the Metroplex last year, and more market-leading apartments traded hands in 2021 than in the past 20 years,” added Tumminello.

The Royalton Portfolio properties are:

The Royalton at Grand Prairie: 300 units built in 2021, Grand Prairie
The Royalton at Craig Ranch: 271 units built in 2021, McKinney
Central Park at Craig Ranch: 271 units built in 2019, McKinney
The Royalton at Rockwall Downes: 295 units built in 2021, Rockwall
The Royalton at Sunfield: 300 units built in 2021, Buda
“Austin’s multifamily marketplace continues to be a strong draw for multifamily investors, and with over 60,000 new residents projected to move to the city by the end of the year, prospects for continued growth are excellent,” said Balthrope. “IPA in Texas provides investors with a large inventory of high-quality multifamily investment opportunities in every market, offering local market research and sales expertise in Dallas-Fort Worth, Houston, Austin and San Antonio.”

The Fort Worth office of Colliers Mortgage (part of Colliers | U.S.) closed a $25.4 million HUD 221(d)(4) loan for the construction of The Draper Apartments, located in Garland. The Draper Apartments will be a 155-unit market rate multifamily project consisting of a mix of studio, one-bedroom and two-bedroom units located near the Garland DART light rail station and within walking distance to retail shops, restaurants, and entertainment venues.

The loan carries a 40-year term and amortization and was secured for GFNT Opportunity II, LP.

Ryan Companies US Inc. has broken ground on Ryan Tower. Located in Plano’s Legacy West, the 23-story multi-tenant Class-AA office tower totaling 409,000 square feet will be the world headquarters for Ryan, LLC, a global tax services firm.

Situated on a 3.6-acre site and located at the intersection of State Highway 121 and Windrose Drive, the Class-AA tower includes efficient 29,000-square-foot floors and will offer 10-foot, floor-to-ceiling windows, and a virtually column-free workplace.

Gensler is the architect for the project. Designers worked closely with the development team to create a building that maximizes its potential as a beacon on the northern boundary of Legacy West, expressing verticality, clean lines and masterful detailing.

“Ryan Tower exudes the confidence and relaxed elegance of its anchor tenant,” said Gensler Principal Scott Armstrong. “We think it will be seen as an example of how to come together to work, connect, celebrate, and promote the workplace of the future.”

Construction is expected to be completed Q2 of 2024. The tower will feature a variety of amenities including an onsite fitness center, multiple conference rooms, a tenant lounge, and a café. Outdoor amenities include structured parking, an abundance of manicured green space and bike storage. Additionally, Ryan Companies is pursuing Fitwel certification which includes additional amenities to maximize the health and wellness of the customers in the building.

JLL Capital Markets announced today that it has closed the sale of a 186,344-square-foot, last-mile distribution facility triple net leased to Amazon in the Dallas-Fort Worth community of Arlington.

JLL marketed the property on behalf of the seller, Oxford Properties. Realterm acquired the asset.

The building sits on 15.523 acres at 2400 Centennial Drive in Arlington, a mission-critical, last-mile location with easy access to multiple transportation nodes, including Interstates 20 and 30 and SH 161 and 360. These highways connect the tenant to over 25 million customers throughout the Texas Triangle region of Dallas, Houston, San Antonio and Austin. The property is also located in the Great Southwest/Arlington submarket, the most desirable in the Dallas-Fort Worth Metroplex due to its proximity to strong labor pools and major thoroughfares.

Originally constructed in 1987, the facility was most recently upgraded in 2020 with the amenities and characteristics of an Amazon last-mile facility. The front-load building features a 29-foot clear height, 10 dock-high doors, deep truck court, LED lighting, low office finish, 338 van parking spaces and ample employee vehicle parking.

The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by John Huguenard, Dustin Volz, Trent Agnew, Stephen Bailey, Dom Espinosa, Zach Riebe and Megan Babovec.

Echo Real Estate Capital, Inc. has sold an out-patient medical office building anchored by Baylor Scott & White for $6 million.

The property is approximately 15,500 square feet and is located at 7801 Lakeview Parkway in Rowlett, Texas – one mile west of the Baylor Scott & White Lake Pointe Medical Center. The building was 100% occupied at the time of sale by four tenants that include the renowned Baylor Scott & White Texas Cardiac Associates, North Texas ENT, LabCorp, and Dr. Bart A. Deering, DDS.

“We have been targeting Texas for quite some time and we were able to acquire this asset off-market in May of last year,” said Echo Principal Jon Boyajian. “We loved the proximity to the Baylor Lake Pointe campus and the tenants were all very strong, but they were on short-term leases. Within six months, we had renewed all four tenants and had completed some minor capital improvements that had previously been neglected. Dave Kurtz and our asset management team did a phenomenal job.”

JLL Capital Markets has closed the sale of DFW Park 161, a fully leased Class-A++ industrial park comprising three buildings totaling one million square feet in a last-mile distribution location at Dallas-Fort Worth International Airport within the city of Irving.

JLL marketed the property on behalf of the sellers, Invesco Real Estate, a global real estate investment manager, and Perot Development Company. BentallGreenOak acquired the asset on behalf of an institutional investor.

DFW Park 161 is one of Dallas-Fort worth’s premiere business parks due to its best-in-class construction and distribution location. The fully leased property offers its four diverse tenants highly functional features and amenities, including clear heights ranging from 32 to 36 feet, 227 dock-high doors, eight drive-in doors, low office finish, ESFR fire protection, LED lighting and ample trailer and vehicle parking space.

Spanning more than 91 acres on airport land, the park is located at 3000, 3050 and 3150 State Highway 161 just east of Dallas-Fort Worth International Airport and within the DFW Airport Industrial submarket, one of the most desirable industrial submarkets in the region. DFW Park 161 is along State Highway 161, which is one of the area’s main north and south transportation arteries and carries more than 123,000 vehicles per day. In addition to the ability to easily reach the entire DFW metro area quickly, the property has connectivity to the Texas Triangle, the area between DFW, Houston, San Antonio and Austin that houses 2.5 million residents, which is expected to grow to house 78% of the state’s population within the next 40 years. With $1.32 trillion in economic output, this area ranks among the world’s 15 largest economies.

The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe and Jack Copher.