Texas

Villa Gardens, a collection of grey two-story buildings with blue doors.

FARMERS BRANCH, TEXAS — KeyCity Capital has acquired Villa Gardens, a 142-unit complex in the northern Dallas suburb of Farmers Branch, from Catalyst Equity. According to Apartments.com, Villa Gardens was built in 1969 and offers studio, one-, two- and three-bedroom apartments. KeyCity Capital assumed a five-year, four percent fixed-rate Fannie Mac loan, and plans to renovate units as they turn over. Greysteel’s Doug Banerjee, Jack Stone, Andrew Mueller and Sterling Warren arranged the transaction on behalf of the buyer and seller.

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SAN ANTONIO — The Bascom Group has sold The Redland in the North Central area of San Antonio to Ilan Investments. Newmark brokered the sale, with Patton Jones, Matt Michelson and Andrew Dickson representing the seller. The Redland was built in 2007 and includes 276 units in one-, two- and three-bedroom floor plans that average 1,004 square feet. Amenities include a clubhouse, a fitness center, resort-style pool and two dog parks. The Redland was 93 percent occupied at the time of sale. Houston-based Ilan Investments has been focused on a …

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Drawn plans of the Caroline Eastside Apartments.

RICHARDSON, TEXAS — Hunt Cos. has broken ground on The Caroline Eastside Apartments, a 384-unit apartment building in Richardson, 14 miles north of Dallas. Hunt Cos. is partnering with the U.S. Department of Housing and Urban Development to finance the project. Walker & Dunlop also served as a lender. The building was designed by HEDK Architects and will be built by KWA Construction. ZRS Management will be responsible for leasing and management of the property. Preleasing for the community will begin in in the fourth quarter of 2023, with first move-ins …

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Henley Riverside, a blue and brown and white multifamily complex with a pool at the center.

AUSTIN, TEXAS — An affiliate of Treeline Real Estate Partners has sold Henley Riverside, a 368-unit property in Austin, to an undisclosed buyer. Newmark Vice Chairman Patton Jones and Managing Director Andrew Dickson represented Treeline Real Estate Partners in the transaction. Henley Riverside rises four stories in Austin’s East Riverside area and offers one-, two- and three-bedroom floor plans. The property was 92 percent occupied at the time of sale

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The swimming pool at Plum Meadow, surrounded by buildings.

DALLAS, ARLINGTON AND GRAND PRAIRIE, TEXAS — NeuRock Capital has sold a three-property, 782-unit portfolio in the Dallas-Fort Worth metropolitan area. Wesley Racht, Nick Fluellen and Bard Hoover of Marcus & Millichap’s Dallas office represented NeuRock Capital and procured the undisclosed buyers. The portfolio comprises Mercer Park, a 248-unit community in Arlington; Timber Oaks, a 264-unit affordable housing asset in Grand Prairie; and Plum Meadow, a 270-unit market-rate property in the Redbird neighborhood of Dallas.

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DALLAS — The NRP Group, a Cleveland-based affordable housing developer, has broken ground on Ascent at Mountain Creek, a 324-unit mixed-income community in Dallas. Fifty percent of units will be reserved for households earning at or below 80 percent of the area median income (AMI). Ascent at Mountain Creek will comprise 14 three-story buildings and offer one-, two- and three-bedroom floor plans. The development is scheduled to be complete in September 2024, with early lease-up beginning in October 2023.

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A 3D render of Palladium Oak Grove, a cream, black and brown multifamily building.

FORT WORTH, TEXAS — Palladium USA and the Fort Worth Housing Finance Corp. (HFC) will break ground on April 6 on Palladium Oak Grove in Fort Worth. The total cost of the project is approximately $60 million. Funding sources include $25.6 million in tax-exempt bonds purchased by Cedar Rapids Bank and Trust and issued by the Texas Department of Housing and Community Affairs. PNC Bank provided more than $23 million of equity. The property was designed by Cross Architects. Treymore Construction is the general contractor teaming up with the Fort …

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Allen City Center, a white and brown contemporary-style multifamily building.

ALLEN, TEXAS — Locally based Wolverine Interests is moving ahead on Allen City Center, a mixed-use development in the central business district of Allen, 26 miles north of Dallas. The project has been in the planning phases since at least 2019, when zoning was approved for the 12-acre site according to the Dallas Morning News. In addition to retail, office and parks, Allen City Center will include 392 apartments. Construction will begin this summer and is expected to be complete by the summer of 2024.

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A drawing of a gray single-story house.

WEATHERFORD, TEXAS — TruLife Communities and Advenir Oakley Capital have started construction on LEO at Bethel Place, a 200-unit build-to-rent (BTR) development in Weatherford, which is 30 miles west of Fort Worth, Texas. TruLife Construction, an affiliate of TruLife Communities, is the general contractor. The community was designed by Gaylen Howard Laing Architects of Arlington, Texas, and will be managed by Advenir Living. LEO at Bethel Place is expected to be completed by December 2024, with the first units delivering in the fourth quarter of 2023. Monthly rentals rates are …

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A bird's eye 3D render of Los Arcos, a multifamily community with dark brown roofing.

SAN ANTONIO — The city of San Antonio and its partners have broken ground on Los Arcos at VIDA, a 324-unit affordable housing community on the city’s south side. Los Arcos is financed by 4 percent housing tax credits allocated by the Texas Department of Housing and Community Affairs ($36 million); private activity bonds issued by Opportunity Home San Antonio ($38 million); various funds from the 2022-2027 City of San Antonio Housing Bond Program ($5.3 million); and grant funds from the Bexar County Economic & Community Development American Rescue Plan …

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