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PrattCo Creekway Industrial purchased a 42,420-square-foot industrial warehouse located at 8400 Ambassador Row in Dallas, Texas. The property was 100% occupied to two tenants at the time of sale. Stream Realty Partners’ Jamie Jennings, Jason Moser, and Andrew Rabinovich represented the seller, a Dallas based private partnership in the transaction.
When I talk to out-of-staters about Texas, they often think I mean “Dallas” when discussing the Metroplex as a whole. That’s when I explain how important the Fort Worth market is to our thriving and healthy Dallas-Fort Worth (DFW) retail scene. Weitzman, which operates offices in Texas’ major markets, has handled development, leasing and management in the Fort Worth market since our founding 30 years ago. Today, the Fort Worth area is home to some of the state’s most robust residential, commercial and cultural growth. In terms of retail, our most recent market survey shows that as of January 2020, Fort Worth’s retail market is about as healthy as it’s ever been. Marshall Mills, Weitzman: The Fort Worth-area market, which we’ll call Fort Worth for the sake of simplicity, largely encompasses Tarrant County. Today, Fort Worth reports a total multi-tenant retail inventory of 62.8 million square feet. As a reference, that figure accounts for about a third of the entire DFW retail market inventory, which clocks in at just over 200 million square feet. Click to read more at www.shoppingcenterbusiness.com.
06 Mar 2020
Matthews™ Senior Associate Danny McQuaid Brokers the Sale of Beacon Hill Apartments
Dallas, TX – Matthews Real Estate Investment Services™, the nation’s fastest-growing commercial real estate company, recently arranged the sale of Beacon Hill Apartments now known as The Edison. The multifamily asset is located at 9959 Adleta Blvd, Dallas, TX. Matthews™ Senior Associate, Dan McQuaid, was the lead agent in the transaction.
The Edison, formerly known as the Beacon Hill Apartments, is situated in a quiet neighborhood with easy access to I-635 and the Central Expressway. The location offers convenience with churches, parks, shopping, and schools within walking distance. The three-story multifamily building consists of one to two-bedroom apartments. Built in 1984 and remodeled in 2003, the property boasts 396 units. The residents of The Edison enjoy amenities such as three pools, a racquetball court, a club room, two laundry rooms, as well as secured access gates.
The seller, Pacific Team Management, was motivated by the price, which was achieved because of the potential upside of the asset. Dan McQuaid sourced the buyer, WindMass Capital, who wished to add to their existing Dallas-Fort-Worth portfolio. The buyer plans to implement a value-add program to improve rents as well as the surrounding area. This is the largest multifamily deal that WindMass Capital has acquired to date. The buyer is also purchasing 1,260 units directly across the street and has plans to operate the two properties as one collective community, similar to The Village in Dallas.
“I was able to navigate through several complexities in the deal to ensure we made it to the finish line,” said Dan McQuaid. “Ultimately, this was a win-win situation for the buyer and seller. The seller achieved a great result and can now reposition their capital. The buyer acquired an excellent investment opportunity in which they will be able to increase the value of the multifamily asset through upgrades.” WindMass Capital has already begun working on interior upgrades to the units. The property was roughly 80% occupied at the time of sale.
Senior Associate, Dan McQuaid, takes pride in his commitment to serving his client’s best interests. For more information regarding the sale of Beacon Hill Apartments, now renamed The Edison, or if you have any other questions relating to multifamily investments in the Dallas, TX area, please do not hesitate to contact Dan McQuaid. To view all current listings, visit www.matthews.com.
About Matthews™
Matthews Real Estate Investment Services™ is recognized as an industry leader in Shopping Centers, STNL, Multifamily, Leasing, Management, Portfolio Disposition and 1031 Exchange programs. The firm is headquartered in El Segundo, CA and serves clients throughout the United States and Canada. For more information, please visit www.matthews.com
PRESS CONTACT
Victoria Banaszczyk
(602) 386-7077
Victoria.Bana@matthews.com
FOR IMMEDIATE RELEASE
Contact: Michele White
Phone: (612) 376-4000
mwhite@doughertymarkets.com
MINNEAPOLIS, Minn. – March 6, 2020 – Dougherty Mortgage recently closed a Fannie Mae loan for the refinancing of Amber Vista Apartment Homes, an 88-unit market-rate multifamily apartment property located in Plano, Texas. Amenities at the newly renovated, pet-friendly property include a barbecue and picnic area, playground and on-site laundry facility. The 12-year term, 30-year amortization loan was arranged through a partnership with Old Capital Lending for borrower DCP 1901 East 15th Street, LLC.
About Dougherty Mortgage
Dougherty Mortgage LLC is a full-service, nationwide mortgage banking firm, an approved FHA MAP and LEAN lender, as well as a Fannie Mae Delegated Underwriting and Servicing (DUS®) lender, offering a variety of loan products for the acquisition, refinance, construction or rehabilitation of various property types. In addition, Dougherty Mortgage LLC provides loan servicing on their mortgages and is an approved Ginnie Mae seller/servicer, currently servicing in excess of $7.1 billion of loans. Dougherty Mortgage LLC has also been awarded designation as a lender/partner with USDA under the Community Facilities Guaranteed Loan Program. Based in Minneapolis, Dougherty Mortgage also has offices in Colorado, Georgia, Illinois, Mississippi, Tennessee, and Texas. For more information, please visit www.doughertymortgage.com.
FOR IMMEDIATE RELEASE
Contact:
Gina Relva, Public Relations Director925-953-1716
Suburban Dallas/Fort Worth Multifamily Asset Sold by Institutional Property Advisors
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Julian at South Pointe, a newly constructed, 225-unit multifamily asset in Mansfield, Texas. The property was built on 9.74 acres in 2019.
“The Julian at South Pointe is located in a high-growth submarket near great schools, five-star dining experiences, high-end shopping options, and a wide variety of beautiful ponds, trails, and parks,” said Drew Kile, IPA senior managing director. IPA’s Kile, Will Balthrope, executive managing director, and Joey Tumminello, director, represented the seller, Carleton Companies and M.R. Development Corp., and procured the buyer, Short Real Estate.
“The limited supply of new units coming to Mansfield over the next 12 months puts the new owner in an advantageous position,” added Tumminello.
Transformational development site approved for multi-housing, office, retail or hospitality use
JLL Capital Markets announced today that it has been named by The Howard Hughes Corporation® to market for sale Monarch City, a 230-acre transformational development site in the Dallas Fort Worth-area community of Allen, Texas.
Monarch City comprises 230 contiguous acres bounded by the Central Expressway (U.S. Route 75) and the Sam Rayburn Tollway (State Highway 121) in a Planned Development District (PD-139). PD-139 allows for a flexible form-based mix of development types and the site has been master planned for up to approximately 10 million square feet of multi-family housing, office, retail and hospitality use. The multi-family housing component has been approved for up to 4,000 units with no maximum density requirements while the office space will have customizable options from large campus layouts to smaller build-to-suit and speculative opportunities to accommodate the full range of tenants, again without any maximum density restrictions. Monarch City will be anchored by a central park and network of pocket parks throughout, including water features, a trail system, and amenities for activities and events.
Allen, Texas, has emerged as one of the fastest-growing cities in the DFW Metroplex, growing more than 27.1% since 2010. The affluent community features one of the top-rated school districts in the State of Texas, award-winning 62-mile parks and trail system, and is known as a top employment node for telecommunications companies. The amenity-rich area offers residents and tenants convenient access to nearby Watters Creek, Allen Premium Outlets, Fairview Town Center, The Village at Allen and Texas Health Presbyterian Hospital, among others.
The JLL Capital Markets team representing the seller is led by Managing Director Michael Swaldi and Director Jonathan Carrier. Read more at www.us.jll.com.