Category: Deals & Announcements

Newmark Arranges Sale of 264-Unit Multifamily Community in Suburban Dallas

Posted on by Sarah

Dallas, TX (April 21, 2022) — Newmark announces the sale of a 264-unit, luxury

multifamily community, Ashford, located in suburban Dallas. The townhome-style property traded from Pegasus Real Estate, a private commercial real estate investment firm, to an undisclosed buyer. Newmark Vice Chairman Brian Murphy, Executive Managing Director Brian O’Boyle, Jr. and Senior Managing Directors Richard Furr and Jakob Andersen facilitated the transaction.

“As the top U.S. multifamily investment market in 2021 in terms of transaction volume*, Dallas continues to perform exceptionally well, as we wrap the first quarter of the year,” said Murphy. “With amenity-rich properties continuing to attract investor demand, Ashford was highly sought after—we are thrilled with the successful transaction for all parties.”

Built in 1995, Ashford features a mix of large one- and two-bedroom units with an average unit size of 985 square feet. Units feature garages, nine-foot ceilings, faux wood flooring, fireplaces, spacious closets, and balconies or patios with storage. Community amenities include a community center with fireplace, kitchen and outdoor seating; pool with lounge area, barbeque grills and covered pergola with seating; fitness center; dog park and outdoor lounge area with fireplace.

“We were originally attracted to this property because of its low-density two-story buildings with attached garages, brick carports and beautiful water features,” said Jonas Levy, Managing Partner of Pegasus Real Estate. “We think these unique features and the property’s central location and high-quality demographics will allow the buyer to continue the positive momentum at the property.”

“We are proud to have executed on our business plan to improve this asset and realize substantial value for our investors,” added Justin Laub, Managing Partner of Pegasus Real Estate. “Newmark did an excellent job finding a buyer who is a great fit for this property.”

Located at 2116 Marsh Lane in Carrollton, Texas, the property is within a 30-minute commute to prime employment centers featuring 3.3 million jobs. Major employers in the area include Toyota, FedEx Office, JPMorgan Chase, Liberty Mutual, Mary Kay and United Surgical Partners. Residents have access to numerous shopping and entertainment amenities at the nearby Shops at Willow Bend, Galleria Dallas, Marsh Lane Golf Center, Bent Tree Country Club and Preston Trail Golf Club.

Multifamily rent growth was historically strong in 2021, according to Newmark Research, as asset owners were able to raise rents well above pre-pandemic levels. Annualized effective rent growth for the U.S. averaged 6.8% in 2021, with Sunbelt markets such as Dallas outperforming with a 16.5% growth rate over the year.

*According to Newmark Research’s 4Q21 United States Multifamily Capital Markets Report

Press Contact: Lizzy Mahan t 303-260-4437 lizzy.mahan@nmrk.com

$190MM Sale of Houston Distribution Center to International Investor

Posted on by Sarah

Tulsa, OK and New York, NY (April 20, 2022) — Newmark announces the $190 million sale of a 1.5 million-square-foot distribution center located on a headquarters campus in suburban Houston, Texas. The property is 100% net-leased on a long-term, absolute triple net-lease basis to Academy Sports + Outdoors—one of the leading full-line sporting goods and outdoor recreation retailers in the U.S.

Newmark Executive Managing Directors Ken Hedrick, Jerry Hopkins and Andrew Ragsdale of the firm’s Net Lease Capital Markets group and Vice Chairman and Head of Newmark’s International Capital Markets Group, Alex Foshay, in cooperation with Managing Director Kristian Nielsen, represented the seller, Tratt Properties in the sale to buyer, Mirae Asset Global Investments of Seoul, South Korea. Vice-Chairmen and Co-Heads Dustin Stolly and Jordan Roeschlaub and Senior Managing Director Nick Scribani of Newmark’s Debt & Structured Finance group facilitated financing on behalf of the buyer.

“Industrial assets occupied by high-credit tenants with strong e-commerce business continue to underlie investor interest in the net lease space,” said Hedrick. “From a logistics perspective, this property is exceptionally well-located, with access to highways in all directions. The scarcity and increasing value of land in the west Houston area further enhance the property’s value.”

The property consists of approximately 1.25 million square feet of industrial warehouse space, 250,000 square feet of flex office space, +/-800,000 square feet of mezzanine space and more than +/-93 acres of land.

“Overseas capital continues to seek out opportunity and attractive returns in non-coastal U.S. markets,” Foshay said. “With demographic and population shifts being a key indicator, Sunbelt markets—like Houston and Texas, overall—continue to grow in market share of foreign direct investment.”

Located at 1800 North Mason Road in Katy, Texas, the facility features immediate access to Interstate 10—one of the premier logistics routes in the U.S., stretching from coast to coast—and Highway 99, which circles Houston and puts all major Texas markets within a four-hour drive.

Newmark Represents Archway Equities in the Sale of Two-Property North Dallas Multifamily Portfolio

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Newmark announces the sale of Essence and Allure, a two-property, 712-unit multifamily portfolio in Dallas, Texas. The portfolio traded from Archway Equities—a privately held real estate investment group based in Beverly Hills, California—to Bridge Investment Group, a publicly traded real estate investment and property management firm with offices across the U.S. Newmark’s Richard Furr,  Brian Murphy, Brian O’Boyle, Jr. and Jakob Andersen represented both the seller and the buyer in the transaction.

Essence is a 348-unit, garden-style apartment community located at 4200 Horizon North Parkway in Dallas. Built in 1996, the property comprises a leasing center/clubhouse and 14 residential buildings featuring a mix of one- and two-bedroom units with an average unit size of 869 square feet. Community amenities include clubhouse, full kitchen, game area, lounge area with fireplace, indoor basketball court, business center, fitness center, pool, hot tub, covered cabana seating, outdoor table tennis, sand volleyball court, gas grills, dog park, jogging trail and 1.5-acre pond.

Allure is a 364-unit, garden-style apartment community located at 4300 Horizon North Parkway in Dallas. The property was built in 1998 and comprises a leasing center/clubhouse and 16 residential buildings featuring a mix of one- and two-bedroom units with an average unit size of 850 square feet. Community amenities include clubhouse, full kitchen, game area, indoor sports court, business center, fitness center, pool, hot tub, covered courtyard with outdoor fireplace, outdoor table tennis, sand volleyball court, gas grills, dog park and optional covered parking, boat parking, breezeway garages, detached garages and outdoor storage units.

The properties offer an ideal location at the northwest corner of Dallas North Tollway and George Bush Turnpike. The area is surrounded by numerous demand drivers and amenities at the nearby Platinum Corridor, International Business Park, Cityline, The Shops at Willow Bend, The Realm at Castle Hills, The Telecom Corridor, 190 Corridor, Heritage Creekside, Legacy West, Hall Office Park and Legacy and Granite Business Parks. Major employers in the area include DFW International Airport, American Airlines, JP Morgan Chase Bank, Parkland Health & Hospital System and Baylor Medical Center.

Multifamily rent growth was historically strong in 2021, according to Newmark Research, as asset owners were able to raise rents well above pre-pandemic levels. Annualized effective rent growth for the U.S. averaged 6.8% in 2021, with Sunbelt markets such as Dallas outperforming with a 16.5% growth rate over the year. Dallas remained the top U.S. multifamily investment market with $27.9 billion in transaction volume for the 12 months ending in the fourth quarter of 2021. This marks the sixth consecutive year Dallas has been the most liquid multifamily market.

Stream Houston Secures Lease Extension, Office Expansion For Law Firm Munsch Hardt At Pennzoil Place

Posted on by Sarah

HOUSTON, TX – April 19, 2022– A Texas-based law firm has nearly doubled its office space in Downtown Houston with the assistance of Stream Realty Partners.

Stream, a national real estate services, development, and investment company, executed a lease extension and office expansion for full-service commercial law firm Munsch Hardt Kopf & Harr, P.C. The firm will nearly double its office space from 21,382 square feet on one floor to 40,833 square feet across two floors at Pennzoil Place, 700 Milam St. in Downtown Houston.

“While many firms were reducing in size over the pandemic, we had the opposite problem,” said Phil C. Appenzeller Jr., CEO of Munsch Hardt. “We were quickly growing and wanted to find a space for true integration, collaboration, and long-term success. Stream was critical in uncovering an environment that will support the evolving legal workplace and inspire our staff.”

Munsch Hardt has enlisted Gensler, a global architecture, design, and planning firm, to head the buildout. The two floors will be connected by a statement staircase that allows the totality of the new space to be used as an opportunity for interaction. The workplace will offer unique amenities to encourage corporate culture and attract talent. Houston-based Miller LaPoint Construction will serve as the general contractor.

“Munsch Hardt has maintained a watchful eye on how the return to work would affect an assemblage of attorneys, some of whom had never officed together,” said Stream Houston Senior Associate Adam Ross. “We were empowered to be bold and find an economical, long-term solution that satisfied their desire to grow and to retain, recruit, and develop talent.” Ross, Director Craig McKenna, Managing Director Ryan Barbles, and Senior Construction Manager Kristin Wall with Stream represented the tenant. Tyler Garrett with Transwestern represented the landlord in the transaction.