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Zale|Corson Group begins construction May 1 on The Encore, a new240-unit Class-A multifamily project at the southwest corner of Ohio and McDermott in Plano. The Encore will be the sister project to the 398-unit Tribeca Apartments that Zale|Corson built in September 2008. The Dallas office of Wells Fargo Bank provided the construction financing and architectural services will be provided by JHP Architecture/Urban Design. Centric Capital's Robert Williamscoordinated the financing.
Fontaine Apartments was sold in an all-cash transaction for an undisclosed price to a California investor. Marcus & Millichap?sBoyan Radic and Mason Green had the exclusive listing for the seller, a private investor that is 1031 exchanging into a single-tenant retail asset. The buyer, who owns other apartment complexes in Abilene and was also secured by the pair, purchased the asset site unseen. Boyan also repped a DFW investor who bought Rishi Village Apartments (pictured), a 39-unit REO property at 325 South Story Rd in Irving, for all cash in a deal that closed in 15 days. Marcus & Millichap?s Tommy Lovell, Will Jarnagin, and Michael Ware repped the seller, Berkadia Commercial Mortgage. The property received 14 offers.
Another Marcus & Millichap deal is the $8.2M sale of The Brentwood, a 292-unit multifamily property at 8300 Brentwood Stair Rd in Fort Worth. Marcus & Millichap's Al Silva had the exclusive listing to market the property for the seller. He also secured the buyer, a Texas LLC. The asset attracted 17 offers from investors in seven different states in just 35 days of marketing, and closed all cash just 25 days after an agreement was reached between the buyer and seller.
Panther Transaction Group and Knightvest Capital acquired a 196-unit Timmaron Ridge Apartments at 9850 Whitehurst Ln in Lake Highlands. The property was bought out of receivership at a significant discount allowing the companies to invest in the necessary capital improvements, implement comprehensive property management solutions, and offer competitive rental rates. The price was not disclosed.