Dallas Mixed-Income Property To Be Converted To 100% Affordable: The DFW Deal Sheet
LEDG Capital closed financing for a 113-apartment mixed-income property in Dallas that will be converted into 100% affordable housing.
Ninety market-rate units at Paradise Gardens Apartments will be converted to affordable housing for 30 years under a Low-Income Housing Tax Credit Land Use Restrictive Agreement. A housing assistance payment contract protecting the remaining 23 units will be renewed for 20 years.
LEDG will oversee a $5.2M renovation to modernize the property over the next 10 months. Built in the 1970s, the renovation of the three-story, concrete structure will focus on in-unit improvements and enhancements that directly benefit residents.
The city-run Dallas Housing Finance Corp. issued tax-exempt bonds to support the project conversion and renovation.
“It is vital that we preserve high-quality, affordable rental units in neighborhoods that are undergoing rapid redevelopment,” DHFC General Manager Aaron Eaquinto said in a statement. “Preserving housing that is close to job centers and attainable for all income levels is at the top of our priority list as more people continue to move into Dallas and seek to find an affordable place to live and work.”
River City Affordable Housing facilitated equity bridge financing to maximize financial resources and expand the scope of improvements and project affordability.
SALES
Integrated Real Estate Group sold The Carter, a 276-unit multifamily asset in Grapevine, to Rockport Equity. Institutional Property Advisors’ Drew Kile, Joey Tumminello, Taylor Hill, Michael Ware and Shelby Clark represented the seller and procured the buyer.
***
Outpost acquired a 27-acre former FedEx terminal in Dallas. Located at 1501 N. Walton Walker Blvd., the terminal features a 154-door cross-dock and nearly 8K SF of office space. The acquisition marks the company’s fourth property in DFW. The site is undergoing development, with plans to open later this year.
LEASES
Construction management company Moss signed a nearly 26K lease at the FarmWorks One office property in Allen. Newmark’s Nathan Durham and Duane Henley represented the developer, Bruce Heller, in the negotiations. The two serve as leasing agents for the property. Jake Young and Christian Munoz of Lincoln represented Moss Construction, while Preston Taylor of Appian Commercial represented MKA International.
***
Texas Wireline Manufacturing renewed 20K SF of industrial space at 8821 Forum Way in Fort Worth. Bradford Commercial Real Estate Services’ Todd Lambeth represented the tenant. Jeremy Mercer of the Mercer Co. represented the landlord, Knopf Family LP.
***
Majestic Realty Co. and joint-venture partner Hickman Cos. announced the signing of a long-term lease agreement with National Distribution Centers., doing business as NFI, at the 320-acre Fort Worth South Business Park. NFI will occupy more than 129K SF of the 258K SF Building No. 5.
CONSTRUCTION AND DEVELOPMENT
Farmers Branch-based Centurion American Development Group announced plans for the 1,998-acre Platinum Ranch master-planned development in Grayson County. Excavation work on the project will begin along the planned Grayson County Toll Road in the fourth quarter. The transaction was brokered by Rex Real Estate’s Rex Glendenning. Lenders responsible for the closing of Platinum Ranch include Ubank, Liberty Bankers and Chambers Bank. Trez Capital was the lender for Taylor Ranch. The development will feature 4,200 single-family residential homes, an additional 29 acres dedicated to residential villas, commercial space and a maximum of 3,000 multifamily units.
***
Two years after demolishing the aging George Peabody Elementary School building in Oak Cliff, the Dallas Independent School District unveiled the nearly 71K SF replacement campus. Designed by Pfluger Architects in collaboration with Dallas ISD and Reeder Construction, the two-story school at 3101 Raydell Place can accommodate 550 students.
FINANCING
Greystone provided $55M in U.S. Department of Housing and Urban Development-insured loans to refinance three affordable housing properties in Fort Worth and McKinney. The financing was originated by Greystone’s Miryam Reinitz-Kops and Jon Morales on behalf of Atlantic Housing Foundation Inc. The three properties total 622 units.
PEOPLE
Savills added Charles Brewer to its Dallas-Fort Worth office as vice chairman. Brewer will focus on advising industrial occupiers on tenant representation strategies. Before joining Savills, he served as a senior vice president at Stream Realty Partners.
***
DHA, Housing Solutions for North Texas added Sonya Barnette and David Storms as chief administrative officers and promoted Debra Roling to chief financial officer. Barnette was previously with Fort Worth Housing Solutions while Storms was the regional environmental officer for the Department of Housing and Urban Development. Roling had been DHA’s finance director since 2024.
***
Paul Mouchakkaa joined Crow Holdings’ investment management business, Crow Holdings Capital, as a senior managing director. Based in Dallas, Mouchakkaa will be responsible for build-to-core and core-plus investment programs and establishing new investment strategies. Mouchakkaa has nearly 25 years of experience and was most recently with Alberta Investment Management Corp.
***
VanTrust Real Estate added Max Mueller as senior director of development in its Dallas office. Mueller will be responsible for identifying, evaluating and executing development and build-to-suit opportunities in VanTrust’s primary asset classes. Before joining VanTrust, Mueller was with Chicago-based Logistics Property Co.
THIS AND THAT
Koa Partners CEO Harry Lake was named chair-elect of the Greater-Irving Las Colinas Chamber of Commerce Board of Directors. His term will begin Oct. 1 and run through the fiscal year.
***
VineBrook Homes Trust Inc. and Evergreen Residential Holdings announced a strategic partnership that aims to modernize and enhance the resident experience and position both companies for growth. Under the partnership, Evergreen will assume property and portfolio management of the VineBrook portfolio through Evergreen Live, a provider of third-party property management services. VineBrook's transition to Evergreen Live is expected to begin in Q3.
