Investor Acquires Class-B Multifamily At Big Discount: The DFW Deal Sheet

An investment group plans to make significant improvements to a more than 40-year-old, Class-B multifamily property it just picked up in an off-market deal.  

Rise48 Equity acquired the 248-unit Shiloh Oaks Apartments in Garland at a more than 30% discount from its peak valuations 18 to 36 months ago, according to a press release from the company.

The property will be rebranded as Rise Apollo Heights.

Rise48 Equity will renovate 88% of the property’s units, adding new stainless steel appliances, LED lighting, resurfaced countertops and updated plumbing fixtures. All units will also receive new in-unit washers and dryers.

“We sourced this deal completely off-market with no competition at a great basis,” Rise48 Equity co-founder and CEO Zach Haptonstall said in a statement. “Our vertically integrated platform is built to unlock the upside through focused renovations and operational execution.” 

The property will also get a full exterior paint job, landscaping upgrades, a restored pool deck and new pool furniture. The leasing office and clubhouse will also be modernized.

SALES

Dallas-based developer House of Tangram acquired 30 acres for a convention center and two tech-driven hotels in Mansfield’s $2.5B Staybolt Street District. House of Tangram will develop the more than 33K SF Mansfield Convention Center and the 288-room Carbon Mansfield hotel. House of Tangram will also build a dual-branded hotel concept, Cache Legitimate & Kubo, featuring robotic bartenders, drone delivery and immersive media walls.

Carbon Mansfield and the Mansfield Convention Center will be adjacent to an under-construction 166K SF multisport stadium targeting a 2026 opening. The project will break ground next summer, with plans to finish in mid-2028. The Beck Group will serve as the development manager, fiduciary and one of the general contractors.

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Corsair Property Co. sold the nearly 80K SF Mockingbird Central Plaza in Dallas to Curbline. The shopping center on Mockingbird Lane near Southern Methodist University was 98% leased at the time of the deal. Disney Investment Group’s David Disney and Adam Crockett represented the Dallas-based seller and procured the buyer.

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Hunt Realty Investments sold 120 acres in Terrell to Amazon for the development of an international distribution center. Seefried Industrial Properties, which has developed Amazon projects in the past, began work on a 933K SF facility at the Kaufman County site in June, according to a filing with the Texas Department of Licensing and Regulation.

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Cousins Properties bought the 292K SF The Link at Uptown office tower from Kaizen Development Partners for $218M. The 25-story office tower in Uptown was built in 2021. Newmark Group’s Chris Murphy, Robert Hill, Gary Carr and Austin Sheahan arranged the transaction on behalf of the seller, with support from the company’s Alex Foshay. 

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Weidner Apartment Homes acquired the 340-unit Skyline Farmers Market Apartments in the Farmers Market District of Dallas. Built in 2016, the three-story property features nearly 280K SF on more than 7 acres.

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Foundry Commercial, in partnership with a real estate fund advised by Crow Holdings Capital, closed on the acquisition of 4250 N. Belt Line Road in Irving. The 6.8-acre site includes a vacant 45K SF office building built in 1981. Foundry plans to demolish the existing structure and build a Class-A industrial facility of more than 118K SF with 32-foot clear heights. Construction is scheduled to begin in September, with delivery next summer. Holt Lunsford Commercial’s Andrew Gilbert and Keaton Brice will oversee leasing efforts for the project.

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Westmount Realty Capital acquired an industrial development site at 951 W. Walton Walker Blvd. in an off-market deal. The more than 24-acre property is zoned for industrial warehouse development.

LEASES

USA Beauty Superstore leased a more than 29K SF former Big Lots space at Woodmont Plaza in Fort Worth. USA Beauty Superstore plans to open its new store at 6425 McCart Ave. in December. The Woodmont Co.’s Bryan Dyer represented the landlord. Landmark Realty Group’s John Lee represented USA Beauty Superstore.

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KBS signed insurance brokerage Brown & Brown to a 41K SF lease at Legacy Town Center in Plano. Legacy Town Center is owned by KBS Real Estate Investment III. CBRE’s Alexandra Cullins represented Legacy Town Center and KBS in the transaction. Cushman & Wakefield's Kevin Meissner and Travis Boothe represented Brown & Brown.

CONSTRUCTION AND DEVELOPMENT

A multimillion-dollar renovation is underway at the nearly 197K SF One Hanover office building in Addison. The capital improvement program is being led by New York Life Real Estate Investors, with work expected to be completed by January 2026. The renovations at the eight-story building at 16633 Dallas Parkway will include a reimagined lobby and a fully equipped fitness center. Stream Realty Partners handles the third-party services for the property.

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Centurion American Development Group acquired around 550 acres within the 3,100-acre Preston Harbor development in Denison from Craig International. Centurion American will use 338 acres for 1,184 residential lots, with the rest of the acreage to be used for 115 estate lots. Centurion American expects to break ground on the residential component during the third quarter, with lots likely to be turned over to builders before the end of 2026. Preston Harbor will include a Margaritaville Resort Hotel, retail shops, restaurants and a marina on Lake Texoma.  

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Huffines Enterprises broke ground on the 900-acre Horizon Lakes master-planned community in Rockwall County. The first phase of the project will deliver nearly 600 homesites and an amenity center. The first homes are expected to be delivered in 2027. Horizon Lakes’ builder lineup includes CastleRock Communities, Pulte Homes and Toll Brothers.

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Dallas-based Crescent Estates Custom Homes completed work on The Residences at Routh in the heart of Turtle Creek. The four-story condominium development has 20 units at 3601 Routh St. in Dallas.

FINANCING

Dallas-based Hall Structured Finance returned to the office lending market with a $30.8M first-lien loan for Uptown Tower in Dallas. The loan was provided to Bradford UPT Partners LLC, an affiliate of Bradford Cos., for the acquisition of the office tower and to fund improvements. The nearly 254K SF office tower was built in 1982. Planned upgrades include a new lobby, an added fitness center, garage access controls and enhancements throughout communal spaces.

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Northmarq secured a $129.7M refinancing loan for the 344-unit The Victor high-rise in the Victory Park neighborhood of Dallas. The permanent, fixed-rate loan was arranged through Northmarq’s Fannie Mae platform on behalf of the joint venture between Hines and Diversified Real Estate Capital. The fixed-rate loan carries full-term interest-only payments, underwritten on a 35-year amortization schedule. Northmarq’s Kevin McCarthy, Jeff Frankel and Alex Czachor secured the loan on behalf of the joint venture.