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

KeyCity Capital Acquires Villa Gardens in Metro Dallas

by Channing Hamilton March 29, 2023

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.

March 29, 2023

Investment Sales News Texas

Newmark Arranges San Antonio Value-Add Transaction

by Channing Hamilton March 23, 2023

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 …

March 23, 2023

Drawn plans of the Caroline Eastside Apartments.

Development News Texas

Hunt Cos. Breaks Ground on The Caroline Eastside Apartments Near Dallas

by Channing Hamilton March 17, 2023

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 …

March 17, 2023

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

Investment Sales News Texas

Treeline Real Estate Partners Sells Henley Riverside in Austin, Texas

by Channing Hamilton March 15, 2023

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

March 15, 2023

The swimming pool at Plum Meadow, surrounded by buildings.

Investment Sales News Texas

NeuRock Capital Sells Three-Property Portfolio in Dallas-Fort Worth

by Channing Hamilton March 14, 2023

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.

March 14, 2023

Development News Texas

NRP Group Breaks Ground on Ascent at Mountain Creek in Dallas

by Channing Hamilton March 13, 2023

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.

March 13, 2023

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

Development News Texas

Palladium USA, Fort Worth Housing Finance Corp. Break Ground on $60 Million Mixed-Income Project in Fort Worth

by Channing Hamilton March 10, 2023

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 …

March 10, 2023

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

Development News Texas

Wolverine Interests Moves Forward on Construction of Dallas Mixed-Use Project

by Channing Hamilton March 9, 2023

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.

March 9, 2023

Build-to-Rent Development News Texas

TruLife Communities, Advenir Oakley Capital Break Ground on BTR Project Near Fort Worth

by Channing Hamilton March 9, 2023

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 …

March 9, 2023

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

Affordable Housing Development News Texas

City of San Antonio Breaks Ground on Los Arcos at VIDA

by Channing Hamilton March 8, 2023

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 …

March 8, 2023