Luxury Senior Living Tower In Turtle Creek Nabs $180M Construction Loan: The DFW Deal Sheet
An upscale Dallas neighborhood will soon get a luxury senior living tower.
The 20-story Vivante Turtle Creek senior living facility secured a $180M construction loan from Dallas-based Beal Bank and raised the necessary equity from private investors in Texas, California and more.
The tower will be developed by Nexus Cos. in the heart of Dallas’ Turtle Creek neighborhood. Vivante will be Nexus’ first foray into the North Texas market.
“We designed Vivante to feel like private condo-style residences for seniors with abundant amenities and activities, while also offering personalized medical support and assistance,” Nexus CEO Curt Olson said in a statement. “Our concept has proved very successful in Orange County’s city of Newport Beach and we are looking forward to providing our unique community in Dallas.”
The 1.4-acre site at 2505 Turtle Creek Blvd. will offer 193 upscale senior living units, including independent living and assisted living residences, penthouses, memory care units and two levels of underground parking.
The project’s architect is Dallas-based HKS Inc., with Andres Construction serving as the general contractor.
SALES
Turner Impact Capital and Kalterra Capital Partners acquired the 376-unit Kinstead housing community in McKinney and will convert 191 units into income-restricted housing. TI Communities will serve as property manager for Kinstead.
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Boston Capital Real Estate Partners purchased the 286-unit Camden Cimarron apartment property in the Valley Ranch master-planned community of Irving. The garden-style property was built in 1992 on more than 11 acres.
Institutional Property Advisors’ Joey Tumminello, Michael Ware, Drew Kile, Taylor Hill and Shelby Clark represented the seller and procured the buyer. Boston Capital Real Estate Partners purchased the asset on behalf of its fully discretionary value-add vehicle, BCRE Fund II.
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Marcus & Millichap announced the sale of Hart House, a 94-unit apartment community in Dallas. The more than 60-year-old property consists of two buildings across 4 acres at 1235 and 1239 Hartsdale Drive. Marcus & Millichap’s Ford Braly and Al Silva marketed the property on behalf of the seller, a private out-of-state investor, and procured the buyer, an undisclosed local operator.
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Bradford UPT Partners LLC acquired the 254K SF Uptown Tower office building at 4144 N. Central Expressway in Uptown Dallas. The 12-story building was more than 54% leased. The Bradford Cos. affiliate plans to renovate the property with a redesigned lobby, a new fitness center and flexible coworking suites. Bradford Commercial Real Estate Services will oversee leasing, property management and construction management for the repositioning of Uptown Tower. Weitzman’s R. Creighton Stark facilitated the closing, while Bradford was represented by its Richmond Collinsworth and Kevin J. Santaularia.
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Ackerman & Co. and Baltisse purchased the 12-building Midway Business Park industrial portfolio in Fort Worth from Cohen Asset Management for an undisclosed price.
The nearly 259K SF portfolio is 91% leased. Ackerman & Co. represented itself in the acquisition. Cushman & Wakefield’s Jim Carpenter, Robby Rieke and Trevor Berry represented the seller. In a new partnership with Ackerman, HPI Real Estate Services & Investments will spearhead leasing efforts across the portfolio, led by George Jennings, Colt McCoy and Garrison Lackey.
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KBS sold the 19-story Sterling Plaza office tower at 5949 Sherry Lane in Dallas to Shorenstein Investment Advisers. Built in 1984, Sterling Plaza was acquired by KBS REIT III in 2013. Newmark’s Robert Hill, Chris Murphy, Gary Carr and Austin Sheahan represented KBS. Newmark’s Ramsey Daya, Chris Moritz, Andrew Porteous, Chris McColpin and Josh Francis arranged the acquisition financing on behalf of the buyer.
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SPI Advisory and FCP acquired the 600-unit Crest Manor Apartments in Lewisville as part of an off-market transaction. The acquisition was structured through the assumption of long-term HUD financing, with a blended interest rate of 3.6% and more than 30 years of term remaining. The joint venture plans to enhance the property’s amenity package and selectively modernize unit interiors.
LEASES
Cummings Electrical LP will relocate and expand its headquarters to Centreport Tech Center at 14770 Trinity Blvd. in Fort Worth. The company signed a nearly 67K SF, full-building lease with a 10-year term and $4M renovation plan. Work on the retrofit is expected to be finished in the fall. Bradford Commercial Real Estate Services’ Jason Finch, Erik Blais and Michael W. Spain represented the landlord, Fort Capital LP.
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Florida-based construction management company Moss signed a more than 25K SF office lease in FarmWorks One, part of the 135-acre The Farm mixed-use development in Allen.
CONSTRUCTION AND DEVELOPMENT
Fortis Property Group started renovations at the 55-story Dallas Arts Tower at 2200 Ross Ave. in the Dallas Arts District. The multimillion-dollar capital improvement project will include a complete transformation of the main lobby and the addition of an all-day café. The improvements will also include new elevator interiors and the enhancement of a second-floor mezzanine lounge area.
Stream Realty Partners will lead leasing efforts at the tower. Designed by Entos Design and managed by Northgate Construction, work on the 1.2M SF building is expected to be completed in the first quarter.
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M2G Ventures started the redevelopment and repositioning of the 14-building former Inwood Design Center at 1110 Inwood Road in Dallas. The rebranding of the 740K SF property will introduce two distinct identities: Inwood Design District for light showroom and industrial and Ace on Inwood for retail and restaurants. Work on the redevelopment is scheduled to be done by the end of 2025. Inwood Design District will offer 630K SF of infill space for showroom and light industrial users. Ace on Inwood will be a more than 109K SF retail district facing Inwood Road.
The design team for the project includes Ibañez Shaw Architecture, RSM Design, Paper Kites Studio, Katie Murray and Ramble Creative. Shop Cos.’ Jake Sherrington and Victoria Pappas will lease the retail component, while Holt Lunsford’s Canon Shoults and Maddy Coffman will lease the industrial component.
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Rosewood Property Co. and equity partner MetLife Investment Management broke ground on multifamily community Penrose in Frisco. Located at 4301 Tributary Way within the Frisco Southstone Yards mixed-use development, Penrose will have 382 multifamily homes on more than 5 acres. Construction is slated to be done by fall 2027, with apartment homes available for lease by early 2027.
Hensley Lamkin Rachel Inc. will serve as the project’s architect, with LandDesign as the landscape designer, B2 Design Co. as the interior designer, KFM as civil engineer and OHT Partners as general contractor. Veritex Community Bank and Associated Bank are the lenders.
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Legacy Partners and The Resmark Cos. started leasing at their single-family build-to-rent communities Harlow in Melissa and Adair in Aubrey. Designed by UD Architects, Harlow offers 133 luxury homes at the intersection of Highland Road and McKinney Street in Melissa. Adair was designed by Architecture Demarest and offers 134 luxury homes at 2036 Oak Grove Lane in Aubrey. Blackland Partners constructed both developments.
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Adolfson & Peterson Construction was selected by Asana Partners to renovate the former Oak Lawn Design Plaza at 1444 Oak Lawn Ave. in the Dallas Design District. Acquired in late 2023, Asana Partners is redeveloping the property into a 160K SF upscale shopping and dining destination to be known as The Seam. Construction is expected to be completed in the first quarter of 2026. Morris Adjmi Architects is the design architect, with GFF Design serving as the architect of record.
FINANCING
Nuveen Green Capital, in conjunction with Lone Star PACE, administered $9M in commercial property assessed clean energy financing for the recapitalization of the 120K SF Cityscape Star Apartments in the Cedars neighborhood of Dallas. The 116-unit building is at 1812 Hickory St.
PEOPLE
CBRE added Tom Burns to its debt and structured finance team as vice chair. With nearly two decades of experience in commercial real estate finance, Burns will be based in CBRE’s Dallas office and focused on growing the company’s business across Texas. Burns was previously with Affinius Capital.
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M2G Ventures added Chris Hanrattie as managing director, head of hospitality, to lead its new hospitality vertical. Hanrattie was most recently with Crescent Real Estate in Fort Worth.
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Hillwood promoted Christopher Ash to president of the Alliance Aviation Cos. Ash will oversee all operations at Perot Field at Fort Worth Alliance Airport, including management of the airport, fixed-base operations and commercial fueling services. Ash joined Hillwood in 1996 and was most recently senior vice president of aviation business development.
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Bradley Arant Boult Cummings LLP added Viking W. Tao to its corporate and securities practice group in Dallas. Tao will advise clients in mergers and acquisitions, commercial real estate development, and investment, corporate finance, partnership and joint venture negotiations, as well as commercial disputes.
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CBRE appointed Jeremy McGown to executive managing director and Dallas-Fort Worth market leader for the company’s advisory business. McGown will be responsible for developing and implementing the strategic direction and day-to-day operations for all DFW advisory services lines of business, including leasing, sales, valuations, debt and structured finance, and property management across all property types. McGown joined CBRE in 2022.
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Cushman & Wakefield added an industrial leasing team led by Managing Directors Brett Owens and John Brewer. They are joined by Senior Directors Riley Maxwell and Clayton Johnson as well as senior associates Jack Brewer and Sam Nelson.
