Texas

Bellrock Bishop Arts in Dallas
Investment SalesNewsTexas

Transwestern Real Estate Services Negotiates 1031 Exchange of Bellrock Bishop Arts in Dallas

by Channing Hamilton

DALLAS — Transwestern Real Estate Services has brokered the sale of Bellrock Bishop Arts, a 207-unit community located at 1836 W. Davis St. in Dallas. Transwestern’s Tyler Gauntt, Rye Hinkle, Chris Stutzman and Bryan McMurrey represented the buyer, The Paskin Group, in the 1031 exchange. Bellrock Bishop Arts was built in 2012. The asset comprises two residential buildings and offers amenities such as a fitness center, dog park, pool, clubhouse and social lounge. The property was 95 percent occupied at the time of sale.

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Park at Rialto in San Antonio, Texas
Investment SalesNewsTexas

Greysteel Arranges Sale of 274-Unit Park at Rialto in San Antonio, Texas

by Channing Hamilton

SAN ANTONIO, TEXAS — Greysteel has brokered the sale of Park at Rialto, a 274-unit community located in the northwest side of San Antonio. J.R. Ellis and Matthew Romanchuk of Greysteel’s national multifamily team negotiated the sale on behalf of the buyer and seller. Both the buyer and the seller were undisclosed. Park at Rialto was built in 2017. The garden-style community offers amenities such as a pool, media lounge and exercise center.

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Investment SalesNewsTexas

Vanguard Real Estate Arranges Sale of 22.8-Acre Development Site in San Marcos, Texas

by Channing Hamilton

SAN MARCOS, TEXAS — Vanguard Real Estate Advisors has negotiated the sale of a development site in the Central Texas city of San Marcos. Jordan Cortez, Mason John and Haley Birmingham of Vanguard represented the buyer, Woodfield Development. The site comprises 22.8 acres at the southwest corner of Staples Road and Old Bastrop Highway. Woodfield Development plans to develop a 360-unit complex called Addie’s Point at the site.

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Robert Hicks Occupancy Asset Living
Content PartnerFeaturesIndustry ContentLeasing & MarketingMidwestNortheastOperationsSoutheastTechnologyTexasWestern

Asset Living Emphasizes Occupancy, Efficiency as Market Conditions Soften

by Sarah Daniels

Sensing a shift in the wind, multifamily property manager Asset Living is preparing for a bumpier leasing environment amid rising supply, slowing rent growth and overall economic uncertainty. While an adjustment, it shouldn’t come as a complete shock, says Robert Hicks, an Asset Living division president in charge of the conventional multifamily business in the western United States. Over the past handful of years, the sector has enjoyed some of the highest occupancies he has seen in his 25-year career in the industry, he points out. At the same time, …

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Diamond Flats in Carrollton, Texas
DevelopmentNewsTexas

The NRP Group, H.I.G. Capital Break Ground on Diamond Flats in Carrollton, Texas

by Channing Hamilton

CARROLLTON, TEXAS — The NRP Group, in partnership with H.I.G Realty Partners, has broken ground on Diamond Flats, 25 miles north of Dallas in Carrollton. Santander Bank, N.A. has provided a construction loan for the project. Diamond Flats will comprise 331 units across four stories on a six-acre site. Units will come in one-, two- and three-bedroom layouts with an average size of 950 square feet. Planned amenities include a fitness center, a pool, courtyards, a game room and secure garage parking. The NRP Group expects to deliver the asset’s first …

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The Village at Golden Triangle in Fort Worth
Build-to-RentDevelopmentFinanceNewsTexas

Tower Capital Arranges $72.9 Million in Construction Financing for Build-to-Rent Project in Fort Worth

by Channing Hamilton

FORT WORTH, TEXAS — Tower Capital has arranged $72.9 million in construction financing for the development of Village at Golden Triangle, a 317-unit build-to-rent community in Fort Worth. Tower Capital’s Kyle McDonough and George Maravilla arranged the financing on behalf of Empire Group, the project’s Arizona-based developer. The Village at Golden Triangle is situated on 30 acres near North Riverside Drive and Golden Triangle Boulevard in Fort Worth. The community offers one-, two- and three-bedroom floor units with quartz countertops, stainless steel appliances, full-size washers and dryers, smart-home technology, private …

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Industry VoicesInvestment SalesMidwestNortheastSoutheastTexasWestern

The 411 on 1031s: What to Know Before Making a Tax-Deferred Swap in the Multifamily Sector 

by Channing Hamilton

1031 exchanges are an effective way for investors to protect their capital. They also historically have experienced strong fundamentals in the long term. Why, then, aren’t more multifamily investors taking advantage of tax-deferred swaps? Many property owners simply lack the expertise and industry connections to source acquisition opportunities that meet their objectives. This is especially true considering the tight timeframe many 1031 exchanges operate under, as these types of deals have a built-in ticking clock. Once an investor sells an asset, he or she has 45 days to identify a …

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Tapestry at the Realm in Lewisville, Texas
DevelopmentNewsTexas

Bright Realty Nears Completion of 362-Unit Tapestry at The Realm in Dallas Suburb

by Channing Hamilton

LEWISVILLE, TEXAS — Bright Realty is approaching completion of Tapestry at The Realm in the northern Dallas suburb of Lewisville. Tapestry at The Realm will comprise 362 units across four stories. Units will come in studio, one- and two-bedroom floor plans. Amenities will include a fitness center with a sauna, game lounge, business center and conference room. ANDRES Construction is overseeing the project’s development. B2 Architecture + Design designed the property. Pre-leasing is slated to begin in November 2023. The first units will open for occupancy in December 2023.

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Stone Brook in Baytown, Texas
FinanceInvestment SalesNewsTexas

Newmark Negotiates Sale and Financing of 376-Unit Property in Baytown, Texas

by Channing Hamilton

HOUSTON — Newmark has arranged the sale and financing of Stone Brook, a garden-style community in the Houston suburb of Baytown. Built in 2000, Stone Brook offers 376 units in one-, two- and three-bedroom layouts. Amenities include a pool, playground, dog park, gated access and covered parking. Zach Springer of Newmark Multifamily Capital Markets represented the seller, Knightvest Capital. Tip Strickland of Newmark’s debt, equity and structured finance team arranged the 10-year permanent fixed-rate loan on behalf of the buyer, Bluebird. The financing was secured through Freddie Mac at a loan-to-value …

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Build-to-RentDevelopmentInvestment SalesNewsTexas

Capital Square, ITOCHU Corp. to Acquire 100-Unit Build-for-Rent Project in San Antonio Suburb

by Channing Hamilton

NEW BRAUNFELS, TEXAS — Capital Square and ITOCHU Corp. have formed a joint venture to acquire Creekside Terrace, a build-for-rent community currently being built in the San Antonio suburb of New Braunfels. Pulte Homes is the developer on the project. A development timeline was not disclosed. Creekside Terrace offers 100 units in three- and four-bedroom floor plans, as well as amenities such as a pool, pavilion and park.

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