Contact Us

This Week's Dallas-Fort Worth Deal Sheet

Chatham Lodging Trust, a hotel REIT focused on upscale, extended-stay hotels and select-service hotels, has acquired the new 167-room Courtyard by Marriott Downtown Dallas for $49M, or about $293K/room. The hotel opened in September.


The Courtyard by Marriott Dallas Downtown is a 12-story tower consisting of guest room floors on top of the lobby and parking garage. The hotel has about 3,500 SF of meeting space on the 12th floor, adjacent to a rooftop restaurant and bar that offers panoramic views of Dallas.

“This is the first new-build hotel in downtown Dallas since 2011 and will carry a competitive advantage over nearby select-service hotels, which are entirely adaptive re-use or conversion projects," Chatham CEO Jeffrey Fisher said in a statement.

"The area has experienced a revival since 2010, with over $5B of real estate investments generating a 23% increase in Downtown population, as well as an increase in corporate office demand," Fisher said.

Chatham funded the purchase using available cash, including $24M of proceeds from equity issued under its share plans in 2018 and borrowings on its unsecured credit facility. The hotel will be managed by Island Hospitality Management, which is 51% owned by Fisher.

The Downtown Dallas market has enjoyed a 7.2% cumulative average growth rate in revenue per available room from 2009 to 2017 and a 5.8% increase in room night demand growth for the same period, driven by a strong mix of convention, corporate and leisure demand, according to Chatham. 

The company also notes that the Kay Bailey Hutchinson Convention Center, the nation's sixth-largest, boasts over 2M SF and generates more than 1 million room nights of demand annually.


Dallas-based KWA Construction, a general contractor specializing in multifamily developments, has promoted Donnie Boone to director of preconstruction. In his new role, Boone will lead the firm’s preconstruction department, including all project estimating.


Hall Park

White Energy has leased 8,173 SF at 2595 Dallas Parkway in Hall Park in Frisco, relocating its HQ there. 2595 Dallas Parkway was the first building developed at Hall Park in 1998, and has recently undergone renovations to modernize the common spaces. Mohr Partners' Eric Beichler, Steve Macnoll and Colton McCasland represented White Energy in the lease, while Hall Group's Kim Butler, Brad Gibson and Cynthia Cowen represented Hall Park.


White Box Real Estate's Grant Pruitt and Evan Hammer represented Tactical Fleet Services in its industrial sublease of 29K SF at 4122 Billy Mitchell Drive in Addison. Separately, Hammer and Kate Whalen repped Synetek Solutions in its 3,036 SF office lease at Addison Tower in Addison, and Fusion Consulting in its 2,478 SF office lease at Park West II in Farmers Branch.


Presbyterian Village North, a nonprofit senior living community in Dallas, has started an expansion project. The community will add a new independent living building featuring 102 one- and two-bedroom units, some with lake views. The new building will take the place of an outdated building and be positioned over an underground parking garage. It will connect to the Corrigan Building, the main hub of the campus that houses many of the property's amenities and much of its residential activity. The first move-ins to the expansion will be in 2021.


Dallas-based CyrusOne, a global data center REIT, has acquired 15.5 acres from Schiphol Area Development Co. NV, a developer of business parks in metro Amsterdam, Netherlands, for the development of a new data center campus in PolanenPark. CyrusOne will develop up to 360K SF with an estimated 72 megawatts of power capacity on the site, about 10 miles west of central Amsterdam.


Jefferson Riverside, Las Colinas

JPI, a multifamily developer, has sold Jefferson Riverside, its latest project in Las Colinas, for an unspecified price. Jefferson Riverside is a 371-unit mid-rise built by JPI in 2017 on 4.68 acres and is within walking distance of a DART rail station. The community features a clubhouse with a 24-hour Uber pickup lounge, a resort-style pool, a 24-hour game lounge, Luxer One package lockers, an Avenue C micro-market, two private courtyards, a fitness center with yoga studio and a fifth-floor amenity deck overlooking Lake Carolyn.


Libitzky Property Cos. and Sunwest Real Estate Group have acquired Coppell Tech Center II in Coppell and Highpoint Oaks I in Lewisville, a two-building office portfolio that totals more than 165K SF and was 100% leased at the time of the sale. Scot Farber and Tom Strohbehn of Cushman & Wakefield represented the seller, DFW1 Trust.


Northpark Village Apartments at 5601 Central East Freeway in Wichita Falls has sold for an unspecified price to a private buyer. Wellington Realty Managing Partner David Shaffer and Investment Sale Associates Caleb Jones, Tammy Shaffer, William Hubbard and Curtis Sung, who are all based in the company’s Dallas office, worked on the transaction. Built in 2005, Northpark Village offers one-, two- and three-bedroom units and is near Sheppard Air Force Base.


Victory Abode Apartments' asset Terra Lago in Rowlett

Southern Properties Capital, a subsidiary of Dallas-based real estate investment company Transcontinental Realty Investors, has formed a joint venture with a wholly owned subsidiary of Macquarie Group Ltd. The JV, Victory Abode Apartments, was formed with TCI and Southern Properties Capital contributing the portfolio of more than 50 multifamily assets, together with a substantial equity investment by Macquarie. The entity now holds 10,133 units in 11 states with three assets currently under construction.


Michael Byrne, a retired U.S. Marine, will receive a $7,500 Housing Assistance for Veterans grant from Texas Capital Bank and the Federal Home Loan Bank of Dallas. The grant helped fund a home built by Operation Finally Home, a nonprofit that provides veterans with custom-built homes mortgage free. HAVEN is a grant program offered by FHLB Dallas through its member institutions, reaching out to veterans and active-duty service members who have been disabled in the line of duty since Sept. 11, 2001.