Category: North Texas News DO NOT USE

Metroplex Apartment Complex Sale Totaling 274 Units Brokered by Marcus & Millichap

Posted on by Sarah

FOR IMMEDIATE RELEASE

Contact:
Gina Relva, Public Relations Director
925-953-1716

FORT WORTH, Texas, Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Copper Creek, a 274-unit apartment complex in Fort Worth, Texas. The property attracted seven offers during a four-week marketing period and the sale closed just 60 days after an agreement was reached between buyer and seller.

“Fort Worth continues to be one of the nation’s fastest-growing rental markets,” said Al Silva, senior managing director investments. “The city’s large and well-diversified employment base, strong population growth and a limited stock of workforce housing available for rent should keep apartment market fundamentals strong for years to come.” Silva represented the seller, Florida-based DIJ Properties and procured the buyer, a Texas-based private investment company. “The new owners plan to make improvements to both property management and to the unit interior finish out, which will make Copper Creek more attractive to area renters as a safe and comfortable place to live,” Silva added.

The property is situated at the intersection of Interstate 30 and Loop 820, 10 minutes from downtown Fort Worth and Arlington. Interstate 30 provides residents with easy commutes to virtually anywhere in the Metroplex. The North East Mall, Dallas/Fort Worth International Airport, AT&T Stadium and many other area attractions and employers are within minutes. Constructed in 1986 on 12.4 acres, Copper Creek underwent significant renovations in 2013 and 2017. The 17-building complex has a large, resort-style swimming pool, a stadium-inspired soccer field, and a playground, among many other amenities.

Matthews™ Arranges the Sale of a 396-Unit Multifamily Property in Dallas, TX

Posted on by Sarah

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

Dougherty Mortgage LLC closes Fannie Mae loan for Amber Vista Apartment Homes

Posted on by Sarah

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.

Suburban Dallas/Fort Worth Multifamily Asset Sold

Posted on by Sarah

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.

The Howard Hughes Corporation® selects JLL to market Monarch City

Posted on by Sarah

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.

SHB Development Concludes Construction on Premium Office Space in Far North Dallas

Posted on by Sarah

Stream to lease 17230 N. Dallas Parkway on behalf of SHB Development

DALLAS (February 25, 2020) – SHB Development, a commercial real estate development, sales, and leasing company, and Stream Realty Partners (Stream), a full-service national real estate investment, development, and services company, are pleased to announce construction on 17230 N. Dallas Parkway will come to completion in April of 2020.

“With construction underway, our team is confident Stream will be an invaluable partner in the success of this project,” said Lino Andreani, partner of SHB Development. “Their expertise and vision will help bring this project to fruition, and ensure the building is delivered to the ideal tenant.”

The two-story, Class A office building, will contain 48,000 square feet of office space with a best-in-class amenity base. The building offers smaller organizations the opportunity to occupy the entire space, encouraging team collaboration and a sense of community. With 14-foot slab-to-slab heights, highly efficient rectangular floor plates, and generous window lines that provide natural light, 17230 N. Dallas Parkway delivers a modern and efficient office experience in one of DFW’s newest office buildings.

Located in the lower tollway submarket, this property is on the east side of the Dallas North Tollway just west of Bent Tree Country Club. The property’s location provides tenants the opportunity for premium signage with incredible tollway visibility. In addition to its close proximity to Love Field, DFW and Addison airports, the property allows for quick access to numerous restaurants and retail options. The area features additional neighborhood amenities such as Village on the Parkway, Restaurant Row, Prestonwood Town Center, Galleria Dallas, Addison Circle, and Vitruvian Park.

“Far North Dallas has a high demand for premium office space, and this building offers a highly sought-after, contemporary space for companies to flourish,” said Rhett Miller, vice president of Stream’s Dallas office division. “Optimally positioned to provide access to the most active areas of DFW, the property is sure to attract a variety of tenants.”

Rhett Miller and J.J. Leonard of Stream’s Dallas team will lease the property on behalf of SHB Development.

About Stream Realty Partners

Stream is a commercial real estate firm with full-service offerings in leasing, property management, development, construction management, and investment sales services across the industry. In addition, Stream is dedicated to sourcing acquisition and development opportunities for the firm and its clients. Since 1996, Stream has grown to a staff of more than 850 real estate professionals with regional offices in Atlanta, Austin, Charlotte, Chicago, Dallas, Denver, Fort Worth, Greater Los Angeles, Houston, San Antonio, San Diego, and Washington, D.C. Stream completes more than $2.9 billion in real estate transactions annually and is an active investor and developer across the nation.

Visit www.streamrealty.com.