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Greysteel Keeps Busy in Dallas with Two New Deals

23 May 2015, 4:24 am

By Liviu Oltean, Associate Editor

Washington, D.C.-based Greysteel Co. announced recently that one of its multifamily investment sales team has been retained as the sole advisor and agent in the sale of Milano, a 16-unit multifamily building in Dallas.

Milano

Milano is located within the East Dallas submarket, close to to the Central Dallas Business District, Uptown Dallas, Knox-Henderson and the Lower Greenville neighborhood. The community features 16 one-bedroom, one-bathroom apartments with varying floor plans.

“With dynamic new multifamily developments nearby and market comparables achieving 40 percent higher rents, Milano stands to see increased revenue growth now and as the submarket continues to flourish,” said Greysteel Investment Associate Andrew Mueller. “With Uptown residents moving east to escape escalating rents, the area has benefited from a growing number of trendy restaurants, revitalized apartment buildings and new housing developments over the last year. East Dallas housing demand remains strong, with the planned 271-unit Class A Alexan Henderson apartment community less than two blocks away.”

The firm also announced that it has arranged the sale of West Village, a 66-unit multifamily building in Arlington, Texas. Greysteel acted on behalf of the seller, Westside Village, L.P. In an official press statement, Greysteel Managing Director Boyan Radic said that the new owner, a local private investor, has a long-term hold strategy for the recently acquired asset.



Downtown Fort Worth Registers High Marks Ended for 2014

14 May 2015, 5:57 am

By Liviu Oltean, Associate Editor

Each year, Downtown Fort Worth Inc., a non-profit membership organization, and the Fort Worth Public Improvement District #1 release the State of Downtown report, a publication that covers the economic, social, education and real estate performance of the Downtown Fort Worth submarket.

Downtown Fort Worth

In 2014, the submarket performed well across all sectors, according to the report. The multifamily market registered an 11.6 percent increase in inventory, a vacancy rate of 4.4 percent, an average rent of $1,688 and an average year-end sale price of $220,000 (MLS).

The office market also experienced growth. In the year ending in November 2014, almost 543,000 square feet of office space was added to the submarket, a 10.8 percent increase in inventory. The occupancy rate rose to 86.4 percent, a 180-basis-point year-over-year rise. Significant projects that came online last year included One City Place at 300 Throckmorton; The Westbrook at 425 Houston; The Cassidy at 420 Commerce; and the Cassidy at 407 Throckmorton.

“Downtown’s success is radiating out from the center,” said Jack Clark, president of Red Oak Realty & Dallas Fort Worth Inc. “Activity on the Samuels Avenue corridor, Lancaster, Forest Park and soon on Commerce Street near the convention center is an indication that downtown’s market appeal is spreading in all directions as developers capitalize on opportunity in all of Downtown’s real estate sectors.”



Westwood Financial Adds 25th Retail Asset in Texas

8 May 2015, 12:56 pm

By Liviu Oltean, Associate Editor

Legacy Ranch

Westwood Financial Corp., a national owner and operator of grocery-anchored retail properties, recently acquired its 25th retail asset in Texas. The firm closed on Legacy Ranch, a 95,000-square-foot neighborhood shopping center located at 4851 Legacy Drive in Frisco.

The shopping center was developed in 2004 and was acquired from Folsom Cos. for an undisclosed amount. According to an official press statement, Legacy Ranch is located near Frisco’s “$5 Billion Mile,” renowned for high-profile developments such as the 91-acre Dallas Cowboys’ headquarters; the 242-acre Frisco Station project; The Gate, a $700 million mixed-use development; and the 175-acre, mixed-use Wade Park project.

“The city of Frisco is experiencing explosive economic growth and an increasing demand for retail,” said Joe Dykstra, executive vice president of Westwood Financial. “As a core-plus property, we acquired Legacy Ranch with a long-term-hold strategy in mind. We feel there is an upside in the rents, given that the center is uniquely positioned to capitalize on the influx of new traffic from the series of high-profile developments just blocks away from the center.”

Westwood Financial, which owns and operates more than 115 shopping centers and retail properties nationally, was represented in the transaction by Tom Salanty, executive director at Cushman & Wakefield of Texas.



Rosewood Property Breaks Ground on New Mixed-Use Project in Plano

30 Apr 2015, 4:19 am

By Liviu Oltean, Associate Editor

Heritage Creek

In a matter of years, a vacant tract between Alma and Custer roads in Plano will become a thriving community, if everything goes as planned for Dallas-based Rosewood Property Co.

The firm recently broke ground on Heritage Creek, a 156-acre, mixed-use development that, according to the Dallas Business Journalwill consist at full build-out of 1,300 apartments; several hundred townhomes and single-family  homes; 50,000 square feet of retail and restaurant space; a 15-story hotel; and 2.3 million square feet of office space.

Rosewood Property has started work on Phase I of the project, which includes the development of 327 apartments, 100 single-family homes and three restaurant sites. The first phase has been slated for completion in summer 2016, according to the same source.

In addition, the firm made news last month when it acquired the Wildwood Creek apartments in Grapevine. The company purchased the 344-unit community for an undisclosed amount in joint venture with Grand Peaks Properties. The apartment community spans 30 acres of land and features one-, two- and three-bedroom apartments.

“Wildwood Creek’s central location near the Grapevine Main Street development and adjacent to the Gaylord Texan offers tenants immediate access to the surrounding area’s amenities. In addition, the area is experiencing a substantial influx of investments in this community and neighboring Southlake and Flower Mound that will add further value to the project,” said Bill Flaherty, president of Rosewood Property Co., at the time of the acquisition.

Rendering courtesy of Rosewood via official website



MIG Real Estate Closes on Ninth Multifamily Asset in Texas

23 Apr 2015, 6:56 pm

By Liviu Oltean, Associate Editor

Regency at Stonebridge Ranch

Newport Beach, Calif.-based MIG Real Estate recently closed on its ninth multifamily investment in Texas. The firm acquired Regency at Stonebridge Ranch, a 301-unit townhome apartment community in McKinney.

Located at 2305 S. Custer Road, the community is located within the master-planned community of Stonebridge Ranch and is in proximity to large employment centers such as the Legacy Business Park and City Line.

Regency at Stonebridge Ranch consists of 42 two-story townhome apartment buildings, which feature one-, two-, three- and four-bedroom floor plans. Amenities include nine-foot ceilings, oversize closets, crown molding and a covered patio or terrace. In addition, residents have at their disposal a resort-style pool, an outdoor kitchen, a freestanding clubhouse with a fitness and business center, and a pet park.

“MIG Real Estate recognized Regency at Stonebridge Ranch as an exciting opportunity to invest in a market with strong population and job growth,” said Greg Merage, MIG’s CEO. “Regency at Stonebridge Ranch offers a unique package of luxury amenities and value-add potential through interior upgrades in an area where multifamily housing is in high demand.”

Image via official website







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