GRAND PRAIRIE, TEXAS — JPI has begun leasing Jefferson Cove, a 283-unit development located along Lake Ridge Parkway in Grand Prairie. Jefferson Cove offers units in one-, two- and three-bedoom floor plans. According to the property website, amenities include a clubhouse, lounge, conference room, fitness center and controlled-access resident parking. The property is located adjacent to Estes Park and is in proximity to nearby nature preserves and Joe Pool Lake.
The apartment market in San Antonio today is a mixed bag. Like most Sun Belt metros, supply exceeds demand in Alamo City. While property managers are struggling to lease up their communities, investors are sitting on the sidelines until interest rates stabilize and the market starts absorbing units developed during the post-COVID building boom. On the plus side, population growth, a metric apartment investors prize because it feeds renter demand, is solid in San Antonio. In May, the U.S. Census Bureau ranked San Antonio the third fastest-growing city in the …
GARLAND, TEXAS — Global Real Estate Advisors (GREA) has negotiated the sale of Woods Edge Apartments, a 109-unit complex in the northeastern Dallas suburb of Garland. Entrust Investment Group sold the asset to an undisclosed, out-of-state buyer. Mark Allen of GREA represented the seller and procured the buyer. Woods Edge Apartments was originally built in the 1960s and offers one-, two- and three-bedroom units.
BAYTOWN, TEXAS — Eastern Union has negotiated a $17.5 million loan to facilitate the acquisition of The Lakes at Madera, a 392-unit complex in Baytown, 26 miles east of Houston. Arbor Realty Trust provided the financing, which was a loan assumption that carried a three-year term, with an interest rate of 4.3 percent. Built in 1983, The Lakes at Madera comprises 22 two-story buildings situated on a 20-acre parcel. The apartment mix includes 242 one-bedroom units, 120 two-bedroom units and 30 three-bedroom units. The property was 92 percent occupied at the time of sale. The …
HOUSTON — Allied Orion Group has named David Nargang as president of the company’s property management division. In this position, Nargang will oversee the daily operations of the firm’s property management portfolio, which comprises more than 35,000 units across the nation. He will also supervise the property management team. Prior to joining Allied Orion Group, Nargang also served as president at McCormack Baron Management, where he oversaw the management of more than 23,000 multifamily units across 26 states. He has held senior positions at various organizations such as NRP Group, …
DALLAS — Dallas-based JLL Capital Markets has arranged more than $300 million in acquisition financing for a 10,000-pad portfolio of manufactured housing communities. The portfolio consists of over 40 assets — including manufactured housing, RV housing, apartments and single-family home sites — across six different states. Jody Thornton, Tony Nargi, Zach Koucos, Chris Collins, Jacob Martin and Jack Wood worked on behalf of the borrower to secure the loans. The borrower and communities were not disclosed.
AUSTIN, TEXAS — Newmark has brokered the sale of South Congress Commons, a 68-unit complex located north of downtown Austin. An affiliate of locally based owner-operator Narrow Road Group purchased the asset from Firm Capital for an undisclosed price. Chase Easley of Newmark represented the seller in the deal. Anthony Tarter, also with Newmark, arranged an undisclosed amount of acquisition financing on behalf of the buyer. Situated in Austin’s city’s South Congress area, the property features studio and one-bedroom units. Amenities include a dog park, courtyard, outdoor grilling and dining …
FORT WORTH, TEXAS — Empire Group of Cos. has secured a $72.8 million loan to develop Village at Golden Triangle, a build-to-rent development roughly 14 miles north of downtown Fort Worth. Tower Capital arranged the financing. BBL Building Co. is the general contractor. The developer has broken ground on the community, which is slated for delivery in 2025. Village at Golden Triangle will consist of 317 units on a 29.7-acre site. Residences will come in one-, two- and three-bedroom layouts that range from 680 to 1,300 square feet in size. Planned …
MIDLAND, TEXAS — Institutional Property Advisors, a division of Marcus & Millichap, has arranged the sale of The Clusters, a 352-unit asset in Midland. Churchill Forge acquired the asset from an out-of-state partnership. IPA’s Will Balthrope and Drew Garza, in conjunction with Tommy Lovell and Richard Robson of Marcus & Millichap, represented the seller and procured the buyer. Built in 1982 on 14 acres, The Clusters offers amenities such as basketball, racquetball, volleyball and tennis courts, walking trails and a pool. Units feature washers and dryers, fireplaces and a balcony or …
LANCASTER, TEXAS — Trion Properties has acquired Riverbend Apartments, a 471-unit complex in the southern Dallas suburb of Lancaster. Riverbend Apartments features 181 one-bedroom units and 290 two-bedroom units. Amenities include three pools and multiple play areas for children. The seller and sales price were not disclosed. Trion Properties plans to implement a value-add program for the community.