Author: Mia Goulart

ACRE closes on $111 million loans for newly-built multifamily properties in Pflugerville

Posted on by Mia Goulart

ACRE, a global real estate private equity firm, today announced it has finalized two loans totaling $111 million with TerraCap Management, LLC (TerraCap), to support two multifamily properties in Pflugerville, Texas. 

Issued through ACRE’s debt fund ‘ACRE Credit I,’ the loans will aid in TerraCap’s purchase of newly-built properties ‘The Dalton’ and ‘The Beacon at Pfluger Farm’, comprising 350 and 258 units, respectively. Executed in January, the three-year agreement includes options for two single-year extensions. 

Newmark’s Matthew Williams and Kyle Schlitt served as debt brokers for the deal. 

TerraCap is a commercial real estate investment manager focused on value-add real estate acquisitions in the South Atlantic, West Central South, and West Mountain regions of the U.S.

Located at 2209 West Pflugerville Parkway, The Dalton was completed in 2021 and features a range of one-, two-, and three-bedroom rental units. The unit interiors feature tasteful faux wood flooring; stainless steel appliances; farmhouse kitchen sinks; granite countertops; tile backsplashes; contemporary custom cabinetry; custom lighting; and walk-in closets. 

The building’s suite of on-property amenities includes a resort-style pool and luxury pool house with grilling stations; and a private dog park and grooming area. Additional amenities available to residents comprise an on-site concierge; on-demand Starbucks coffee bar and Bevi sparkling and flavored water dispenser; self-serve wine membership; electric vehicle (EV) chargers; attached and detached garages; and a gated community entrance. 

The Beacon at Pfluger Farm, which was completed in 2022, is located at 1300 Rauscher Drive and offers a selection of rental units ranging from one to three bedrooms. Within each unit, residents will find open-concept floor plans with hardwood-inspired flooring; upscale custom fixtures and cabinetry; stainless steel appliances; granite countertops; dishwashers; and walk-in closets. 

Amenities include a resort-style pool; sunning deck with lounge seating; outdoor gathering area with fireplaces and BBQ stations; fitness studio and cycling room; WiFi-enabled coworking club; and a luxe clubhouse with shuffleboard and billiards. The community also offers pet-friendly units and pet-oriented amenities such as a dog park and washing area. In addition to a gated entrance, residents also have access to standard and EV-compatible garage parking options. 

Located in the suburbs of Austin, Pflugerville is home to an array of public and private schools, golf courses and country clubs, restaurants, and marinas. With convenient access to State Highways 130 and 45, residents enjoy an easy commute to Downtown Austin. 

  • The Dalton
  • The Beacon at Pfluger Farm

Trez Capital announces the portfolio sale of two major projects in Texas

Posted on by Mia Goulart

Trez Capital is proud to announce the dual sale from its Trez Opportunity Funds (TOF) #4 and TOF #5 of The Beacon and The Dalton, located in the Austin region of Texas, as a portfolio to a single purchaser at a price exceeding initial sale expectations and providing investors with returns higher than the original proforma. Both projects are highly sought-after Austin multi-family communities that serve an undersupplied housing market. 

Trez Capital’s Equity Investment Program partners with experienced developers in markets with strong population, job and gross domestic product (GDP) growth. The sale of both projects speaks to the continued growth and unwavering demand in Texas. 

Both projects are in TOF #4 and TOF #5. After the sale of the remaining investments held by each TOF #4 and TOF #5, the Internal Rate of Return (IRR) on these funds are projected to be between 30% and 40%, which is well in excess of the projected IRRs of approximately 15% at the time of underwriting. There are several existing projects still performing in these TOFs, which will provide additional income to investors upon sale.

The Beacon and The Dalton are the fourth and fifth projects that Trez Capital has built in partnership with Thompson Realty Capital, which has over 25 years of experience in acquisitions, development, and property management of multi-family, office, and single-family residential projects. 

The Beacon contains 258 dwelling units, and The Dalton contains 350 dwelling units. Collectively, these two projects add more than 600 high-quality residential units to a booming region in Austin that needs more housing supply. The projects will also offer the communities attractive amenities. 

Trez Capital continues to invest in high-quality development opportunities across North America, particularly in the Sunbelt states such as Texas, Arizona and Florida, for the TOF series and Trez Capital Private Real Estate Fund Trust (TPREF). 

$63 million in financing secured for multifamily development in Dallas-Fort Worth area

Posted on by Mia Goulart

Anthem Development, a Dallas-based multifamily developer and Nova Capital, a Los Angeles-based real estate capital advisory firm, successfully closed on a $63 million of joint venture equity and debt for the acquisition and development of Lofts iThirty, a planned 340-unit luxury multifamily property located on 10.4 acres at the Northwest corner of Broadway and Interstate 30 in Garland, Texas, one of the most active submarkets in the Dallas-Fort Worth metroplex. 

Nova Capital was exclusively engaged on behalf of the sponsor, Anthem Development, a Beck Ventures Company, to arrange financing for the development of the project, which is set to break ground this month with completion scheduled for 2025. The firm ultimately secured co-investment from an institutional joint venture equity partner with over $6 billion in capital under management and a debt facility with Bank OZK.

Lofts iThirty will feature five, four-story buildings with community amenities including two resort style pools, pet spa, pet park, game room, coffee bar, remote work lounge, outdoor kitchens, two 24-hour fitness centers totaling over 3,500 square feet, elevator access, and climate-controlled corridors and more. 

The community is conveniently located adjacent to Interstate 30, providing residents with convenient access to neighboring communities. Additionally, Lofts iThirty is designed to be pedestrian-friendly and is within walking distance of a variety of shopping, dining, and entertainment options, and will offer short commutes to major employers. 

EastGroup Properties begins construction on Phase II of Basswood 35

Posted on by Mia Goulart

EastGroup Properties has begun construction on the second phase of Basswood 35, a Class A industrial development in Fort Worth. Located at Basswood Boulevard and I-35 W, Phase II will consist of three buildings totaling over 351,000 square feet. The 61.45-acre, master planned development will consist of seven buildings totaling 882,000 square feet at full build out. NAI Robert Lynn Managing Principal and Fort Worth President Todd Hubbard, Principal and Executive Vice President Michael Newsome, Executive Vice President Jeff Jackson, and Transaction Manager Joe McLiney will represent EastGroup in the leasing of this project.

Phase I, two buildings totaling 237,400 square feet, was 100% pre-leased to four tenants prior to shell delivery.

Located in the North Fort Worth industrial submarket, Basswood 35 Phase II includes three new buildings measuring 89,741, 130,750 and 130,750 square feet. The buildings flexible design includes rear load and front load configurations, with multiple store front entries to accommodate users ranging from approximately 20,000 to 130,000 square feet. On the remaining land in the industrial park, EastGroup plans to construct a 96,000-square-foot rear load and 197,400-square-foot cross dock building as part of its third phase.

Method Architects will handle design, Talley Riggins will serve as general contractor, and civil engineering will be handled by Halff. Construction is scheduled to be completed by end of Q4 of 2023.

Newmark hires office agency leasing expert in Houston

Posted on by Mia Goulart

Newmark announces the addition of perennial market leader and top producer in Houston office agency leasing, David Baker. Joining as an executive managing director, Baker specializes in office landlord representation, expanding Newmark’s integrated client offerings in Houston to include agency leasing alongside existing property management and capital markets expertise.

Throughout his three-decade-long career, Baker has been recognized as a top national and local producer and has been recognized as a Houston Business Journal (HBJ) Heavy Hitter almost annually for the past 15 years. Additionally, Baker has won Houston Office Leasing Brokers Association Deal of the Year awards several times. Through all manner of market cycles, Baker has represented over 50 million square feet of leasing in over 200 buildings in every major Houston submarket, including completing over 65 headquarters leases. Baker is credited with hiring and training many of the top office agency leasing professionals in Houston and is an expert at curating project teams to maximize the leasing performance of an asset.

During the pandemic in 2020, Baker led teams that produced three of the year’s largest new lease transactions in Houston. In 2022, Baker executed over 40 leases, totaling more than one million square feet, including Houston’s largest new lease—Apache Corp.’s 327,000-square-foot headquarters—and almost 100,000 square feet of new leasing in Houston Center. Baker has over 425,000 square feet of new leasing in the pipeline for the first half of 2023.

The NRP Group breaks ground on mixed-income apartment community in Dallas-Fort Worth

Posted on by Mia Goulart

The NRP Group, a vertically integrated, award-winning developer, builder and manager of multifamily housing, has officially broken ground on Ascent at Mountain Creek, a 324-unit mixed-income multifamily community located just 15 minutes outside of Downtown Dallas. Fifty percent of the units will be reserved for individuals and families earning 80% or less than the Area Median Income.

Located at 4868 S. Merrifield Road, Ascent at Mountain Creek will comprise 14 three-story, wood-frame residential buildings offering a mix of one-, two- and three-bedroom apartments. As a result of the increased resident demand for larger units to accommodate growing work-from-home preferences, den floor plans for one- and two-bedroom units will also be available. In-unit features will include quartz countertops, backlit mirrors, stainless steel appliances and walk-in closets. Community amenities will include a resort-style pool, dog park, fitness center and resident lounge that can double as workspace for remote workers. 

Located at the intersection of Highway 408 and 1-20, Ascent at Mountain Creek will offer residents easy access to bustling downtown Dallas and is in close proximity to ample retail and dining options. The community is also surrounded by rolling hills, lush forests, and hiking trails, a rarity in the Dallas-Fort Worth market, with Mountain Creek Lake less than 10 miles away. Residents will also be a 10-minute drive from a variety of healthcare, grocery, retail, and recreational offerings, including Methodist Charlton Medical Center, Target, Home Depot, Epic Waters Waterpark, Grand Oaks Golf Club, and more.

Within Ascent at Mountain Creek’s immediate vicinity is a host of employment opportunities for working professionals. Mountain Creek Business Park, a 450-acre industrial park, is home to a wide range of reputable companies, including Nestle, Ulta Beauty, and Chewy, among others. The community is also a short distance away from Dallas Baptist University, complete with 4,480 enrolled students and 132 full-time employees. 

Early lease-up of the community is expected to occur in October 2023, with a completion date slated for September 2024.