UNIVERSAL CITY, TEXAS — Capital advisory firm David B. Norton Inc. has arranged $35.4 million in construction financing for a 268-unit project in Universal City, a northeastern suburb of San Antonio. The development will consist of 10 buildings on a 14-acre site. The financing, which represents about 77 percent of the total project capitalization, includes both debt from an undisclosed regional bank and preferred equity from an undisclosed institutional investor. The name of the developer was also not released.
RICHARDSON, TEXAS — DVO Real Estate has purchased Sweetwater at Buckingham, a 312-unit community in the northeastern Dallas suburb of Richardson. The property offers one-, two- and three-bedroom units with an average size of 889 square feet. Amenities include a pool, fitness center, business center and a playground. Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill, William Hubbard, Cameron Purse and Shelby Clark of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, REM Finance, in the transaction. The team also procured DVO as the buyer.
DALLAS — Trammell Crow Co. (TCC) has promoted Adam Nims to the position of chief investment officer. Additionally, the Dallas-based developer has hired Billy Hart to the role of chief strategy and underwriting officer. As chief investment officer, Nims will oversee TCC’s investment strategy, including capital markets and development solutions initiatives. Nims has held various positions at TCC since joining the company in 2006. Most recently, he served as president of the eastern U.S., and before that as president of the western U.S. He will report to TCC’s CEO, Danny …
DALLAS — Blue Ocean, a value-add and opportunistic investment firm based in Maryland, has acquired Villa Ladera in Dallas from an undisclosed seller. CBRE represented both parties in the deal. The price of the trade not disclosed. Villa Ladera is a 184-unit property developed in 1972. Blue Ocean is planning to renovate several units. The seller has owned the property since 2017. Features include controlled access, a playground, two laundry facilities and approximately 400 parking spaces. Villa Ladera was 96 percent occupied at the time of sale. Chris Deuillet and …
GRAND PRAIRIE, TEXAS — Atlantic Multifamily has sold The Destino, 192-unit property in Grand Prairie to an undisclosed New York-based private investment company. The Destino was built in 2000 on 11 acres. Al Silva, senior managing director, and Ford Braly, senior vice president investments, of Marcus & Millichap’s Fort Worth office listed the asset on behalf of Atlantic Multifamily and secured the buyer. The 18-building, three-story, gated property features a pool, an outdoor kitchen, playground and dog park. The average unit size is 1,000 square feet.
AUSTIN, TEXAS — Cottonwood Group has provided $284 million in financing for EastVillage, a 425-acre mixed-use development underway in Austin. The senior bridge loan supports the recapitalization of a 312-unit complex known as The Vaughan; a mixed-use multifamily and retail complex known as The Janis, which is currently under construction; 19 entitled land parcels; and the remaining unsold luxury units at The Linden Residences. Buffalo-based Reger Holdings is the master developer of EastVillage. Once completed, the project will feature roughly 2,000 apartments, as well as 810,000 square feet of office space; …
DALLAS, ANTIOCH, TENN. AND KNOXVILLE, TENN. — S2 Capital has acquired a portfolio of five distressed properties facing foreclosure in Dallas, Antioch and Knoxville. S2 invested $60 million of rescue capital in a new joint venture with the existing Limited Partner through a structured preferred equity investment. ACORE Capital provided a $170 million senior loan for the acquisition. The loan features a five-year term. The five properties included in the portfolio were:
KATY, TEXAS — Northmarq has provided a $25.2 million Freddie Mac loan for the refinancing of Waterstone at Cinco Ranch, a 206-unit complex located in Katy, roughly 30 miles west of downtown Houston. According to Apartments.com, the property was built in 2013 and offers one-, two- and three-bedroom floor plans. Amenities include a pool, fitness center, outdoor grilling and dining stations, game room and a car care center. Greg Duvall led the Northmarq team that originated the seven-year, fixed-rate loan. The borrower was not disclosed.
RICHARDSON, TEXAS — DVO Real Estate has acquired Sweetwater at Buckingham in Richardson, approximately 15 miles north of Dallas. REM Finance sold the asset for an undisclosed price. The garden-style community consists of 312 apartments across three stories. The average unit size is 889 square feet. Amenities include a pool, fitness center, business center and playground. Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill, William Hubbard, Cameron Purse and Shelby Clark of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the deal.
LEWISVILLE, TEXAS — Locally based developer Palladium USA has begun construction on Palladium Lewisville, a $30 million mixed-income development in Lewisville, approximately 30 miles northwest of downtown Dallas. PNC Bank provided $10.8 million in long-term debt and $13.3 million in equity as part of the financing of the project. Palladium Lewisville will consist of 90 units in one-, two- and three-bedroom floor plans. Planned amenities will include a pool, fitness center, business center, children’s play area and a clubroom with a communal kitchen. The first apartments are expected to be …