This Week's Dallas-Fort Worth Deal Sheet: Westmount Realty Capital Sells 1980s-Era Multifamily Property
After adding extensive upgrades, a Dallas-based company sold a 45-year-old apartment complex in Arlington.
Westmount Realty Capital sold the 164-unit Forest Oaks multifamily property at 2408 Forest Oaks Lane in Arlington. Westmount owned the Forest Oaks for nine years and made extensive interior and exterior updates to reposition the property.
“Through hands-on asset management coupled with 40 years’ of industry insight, we were able to enhance the resident experience and drive strong occupancy at 95% and rental growth, making this property a desirable asset for acquisition in Arlington’s competitive multifamily sector,” Westmount Senior Director of Multifamily Acquisitions Scott Ferguson said in a statement.
Built in 1980, the garden-style property spans 7.4 acres near State Highway 360 and Interstate 30.
Forest Oaks features amenities such as a swimming pool and sundeck, a playground, pet stations, a fitness area and a laundry room.
PEOPLE
Landsea Homes Corp. named Brandon Dickinson vice president of operations and Shawn Jeffcoat vice president of construction for its Texas region. Dickinson joins Landsea Homes after serving as the director of national purchasing for Homebound. Jeffcoat comes to Landsea Homes from the Austin Division of Brookfield Homes, where he was the senior director of operations.
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90Ten from Crow Holdings named Blair Butler senior director to specialize in retail acquisitions and asset management. She has more than a decade of experience and spent the last eight years as director at the company.
SALES
Christopher Todd Capital acquired two build-to-rent communities in the Metroplex from NexMetro Communities. The sale price wasn't disclosed for the two stabilized communities, which will see a capital infusion and rebranding. They will be the first to be unveiled as Christopher Todd Neighborhoods.
Willow Bridge was selected as the property management company for the two communities, Christopher Todd Neighborhoods Celina Park at 3420 S. Dallas Parkway in Celina and Christopher Todd Neighborhoods Elizabeth Creek at 1104 State Highway 114 in Justin.
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RSN Property Group and Monday Properties acquired the 226-unit Ventura Landings apartment community in DeSoto and rebranded it the Eagle Creek Landing Apartments. The property received $4.9M in capital improvements from the previous owner, including 19 upgraded roofs, new double-paned windows and partial interior renovations. RSN Property Group plans to make additional unit upgrades.
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Dunhill Partners Inc. acquired the more than 220K SF Greenville Promenade shopping center in Greenville. The 100% leased multitenant asset sits on nearly 22 acres. The property’s seller was Bob Yari, an executive producer of Yellowstone, Landman and 1923.
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Foundry Commercial and Holt Lunsford Commercial announced the sale of The Dallas Morning News’ 620K SF printing facility in Plano. Foundry and Holt Lunsford co-brokered the $43.5M deal that will see Denago EV make Plano the southern U.S. hub for its electric golf cart line.
The 29-acre property at 3900 W. Plano Parkway had been home to the newspaper’s printing facility since 1983. Preston Capital Realty’s Lina Chen and Paladin Partners’ Greg Nelson represented the purchaser, the parent company of Denago EV.
LEASES
Ross Dress for Less leased 22K SF of retail space in Buckingham Plaza, a shopping center at 1445 W. Buckingham Road in Garland. The chain’s new store is expected to open this fall.
Weitzman’s Matt Luedtke, Ben Terry and Max Johnston handled negotiations as project leasing agents for Buckingham Plaza, and the firm’s Bernard Shaw handled negotiations as asset manager for the center. The Tapp Co.’s Jim Tapp represented Ross.
CONSTRUCTION AND DEVELOPMENT
Walmart broke ground on a 200K SF store last week at the northwest corner of Preston Road and the West Outer Loop in Celina. The Walmart Supercenter will be the company’s first location in Celina when it opens next spring.
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Moss Construction completed Urby Dallas Phase 2. The more than $215M project is 28 stories and offers 364 residential units, retail space and parking across more than 300K SF. Amenities include an oasis-style pool, a fitness center, a dog park and washing station, and a café. Urby Dallas was designed by Amsterdam-based architect Concrete and Dallas architect 5G Studio Collaborative.
FINANCING
Panda Biotech scored a more than $9.7M bridge loan from Red Oak Capital Holdings LLC to refinance its nearly 473K SF Panda Biotech High Plains Hemp Gin facility in Wichita Falls. The deal refinances a Red Oak loan that has performed as agreed since its origination in 2021. The new loan carries a two-year term, a 10.5% all-in interest rate and a loan-to-sales value of 34.9%.
The transaction was brought to Red Oak by BMC Capital’s Grant Garlock and Miles Kallial on behalf of the sponsor, Panda Biotech CEO Robert Carter. Red Oak Capital’s Nick Jans, Hermann Wendorff and Jesus Martinez originated the loan.
Carter plans to transition the Red Oak loan into lower-cost permanent financing following completion and full stabilization of the property.
