A national real estate investment platform purchased a large value-add multifamily community near the intersection of Interstate 635 and U.S. Highway 75.
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Machine Investment Group LP acquired the 490-unit 75 West community in the Park Central submarket of North Dallas as part of a joint venture with RPM Living Investments. Machine plans to reinvest in the property at 7927 Forest Lane through a comprehensive program of deferred and preventive maintenance, targeted amenity enhancements and operational improvements designed to stabilize the asset and elevate the resident experience.
“75 West represents an exciting opportunity to acquire a high-quality asset in an infill location where our firm can leverage our disciplined operating approach to unlock the property’s long-term value,” Machine Vice President Meredith Jonker said in a statement. “The property’s distinctive townhome component, proximity to major North Dallas employment centers and limited nearby new supply create a strong foundation for its next chapter.”
Machine sourced the acquisition through an off-market, lender-driven process. In addition to its 490 residential units, the property includes nearly 11K SF of fully leased ground-floor retail space.
RPM Living Investments will serve as the community's property manager.
SALES
Dallas-based Twinrose Investments purchased the 35K SF Midway Crossing Business Center at 15800 Midway Road in Addison from Concentra Health Services. Cullen Dickey with Highland Properties handled the sale of the flex-office building with Searcy Ferguson of CBRE. The terms of the deal were not disclosed.
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Institutional Property Advisors, a division of Marcus & Millichap, worked on behalf of Greystar to sell the 399-unit multifamily asset The Preserve in Grapevine to an undisclosed buyer. The three-story property was completed in 2020 and had a 96% average occupancy over the trailing 12 months. Institutional Property Advisors’ Drew Kile, Joey Tumminello, Taylor Hill, Michael Ware and Shelby Vosburg represented the seller and procured the buyer.
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Baltisse and Peruna, both Belgium-based family offices, acquired a 374-unit multifamily community in Irving in partnership with RPM Living. Formerly known as The Crest at Las Colinas, the property has been rebranded as The Louis Las Colinas and will undergo a comprehensive capital improvement program. The five-story apartment community will receive refreshed amenity spaces, exterior enhancements and upgraded apartment interiors.
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Colliers announced the sale of the 158-unit Bella Vista Park multifamily community at 2700 N. Buckner Blvd. in Dallas. The property was built in 1968. Colliers' Mark Allen, Todd Franks and Matthew Pastrano represented the undisclosed seller.
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10 Federal Storage acquired self-storage facilities in Azle and Springtown last month. The acquisition adds 1,311 units and 263K SF of rentable space to 10 Federal's portfolio. The properties are located at 1050 W. Highway 199 in Springtown and 11400 FM 730 N., 114 E. Reno Road and 1250 Sandy Beach Road in Azle.
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Brazos Residential purchased the 247-unit multifamily property The Watson in Grand Prairie. The three-story property sits on more than 17 acres just off state Highway 360. Marcus & Millichap’s Wes Racht, Nick Fluellen and Bard Hoover represented the seller, a Texas-based owner, and procured the buyer.
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Provident Industrial sold the more than 161K SF A20 Logistics Center at 4601 Dr. Martin Luther King Jr. Drive in Arlington to an institutional buyer. Provident completed construction in January and signed a lease with Professional Contractor Supply covering around half the building.
The building offers 32-foot clear heights, 34 dock doors and a 130-foot truck court. JLL’s Kurt Griffin and Nathan Orbin represented Provident on leasing, while Newmark Capital Markets brokered the sale.
CONSTRUCTION AND DEVELOPMENT
Centurion American Development Group acquired 168 acres at the southeast quadrant of FM 428 and Coffey Road in Aubrey for the Covey Creek project. Covey Creek will feature 828 single-family homes built by DR Horton and First Texas Homes. Lots are expected to be delivered to builders by the second quarter of 2028. Davidson Bogel Real Estate brokered the purchase.
FINANCING
Big V Property Group secured $11M in acquisition and construction financing from a regional bank to support the purchase of a 7.39-acre parcel adjacent to Rosamond Town Center in Anna and the continued development of the project.
The nearly 356K SF open-air center is being developed by Big V Property Group, The Seitz Group and Principal Asset Management. Big V Property Group’s Bryan Kallenberg led the firm’s Capital Markets team in securing the financing.
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Madison Realty Capital originated a $77M loan to a joint venture between Trademark Property Co. and Harrison Street Asset Management for the construction of Shivers Farm in Southlake. The financing will support the horizontal development of 37 single-family residential lots and the ground-up construction of around 161K SF of retail and office space.
PEOPLE
Trademark Property Co. added Tory Glossip as senior vice president of property management. Glossip brings around 25 years of retail and mixed-use property management experience to the role. Glossip will be responsible for a portion of the firm’s portfolio and fully lead the company’s property management function and strategic initiatives.
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Global research firm Everest Group appointed Robert J. Webb as senior adviser to its chief information officer research and advisory practice as part of the firm's investment in helping technology leaders navigate the digital and artificial intelligence-driven business landscape. Webb has held global CIO roles with organizations such as Hilton Worldwide, Etihad Aviation Group, Equifax and General Electric.
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Manhattan Construction Co. announced the retirement of Senior Vice President Bob Bowen after 43 years of service. The Dallas-based Bowen joined Manhattan Construction in 1981 and helped the company expand its presence across North and Central Texas by delivering notable projects such as the original Texas Rangers Ballpark in Arlington, AT&T Stadium and the George W. Bush Presidential Center.
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Mohr Partners Inc. named 20-year industry veteran Dodie Williams as its managing partner of project management services. Williams will oversee the firm's national project management practice, working with corporate occupiers to manage build-outs, relocations and capital improvement projects across their real estate portfolios. She most recently served as principal at Watchdog, an owners' representative firm.
THIS AND THAT
Alabama-based Arlington family offices will open a Texas office at the Old Parkland campus in Dallas later this month. The firm oversees more than $16B in assets under stewardship for 84 families. Arlington signed a five-year lease at Old Parkland with two five-year renewal options.
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The U.S. General Services Administration listed the Fritz G. Lanham Federal Building and the adjacent parking garage for sale last week as part of the agency’s effort to fortify the federal real estate portfolio. Selling the 669K SF building at 819 Taylor St. in Fort Worth could save the government more than $348M, according to a GSA release.
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