A Class-A apartment complex in one of Dallas-Fort Worth’s most prestigious suburbs is changing hands.
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The Bascom Group sold the 424-unit multifamily community in Frisco to an undisclosed buyer.
Constructed in 2017, the Capitol at Stonebriar was 91% occupied at the time of sale.
Newmark arranged the sale and financing, and company officials said the property generated significant investor interest.
“We’re very pleased with the financing outcome,” Newmark Vice Chairman David Schwarz said in a statement. “Lenders were enthusiastic about the location and the quality of the asset, and the buyer had multiple debt options to choose from.”
Newmark’s Brian Murphy, Brian O’Boyle Jr. and Richard Furr represented the seller. Schwarz secured acquisition financing on behalf of the buyer.
SALES
Alliuz purchased a 10-acre infill industrial tract at 2801 S. Greatwest Parkway in Grand Prairie and plans to construct two warehouse buildings. The transaction was brokered by Davidson Bogel Real Estate’s Philip Cherrick, who represented the buyer. The undisclosed seller was represented by Pete Richardson of Primera.
CONSTRUCTION AND DEVELOPMENT
As part of its expansion into Texas, Bozzuto Construction is building the 162-unit senior living community The Marianne adjacent to Highland Park. The 294K SF building was developed by Harbert South Bay and designed by Arcadis.
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City Pickle USA opened Monday at the North City development in North Fort Worth. The 35K SF facility sits on 3.3 acres and features 16 professionally designed courts as well as amenities such as a bar, pro shop and gym.
FINANCING
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Walker & Dunlop arranged a $44.6M loan to refinance the 255-unit multifamily community The Henley in Grand Prairie. W&D Capital Markets’ Walker Layne, Stephen West, Matthew Wallach, Austin Sneed and Tyler Evenson arranged the floating-rate, interest-only bridge loan provided by Goldman Sachs Alternatives on behalf of StoneHawk Capital Partners.
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BridgeInvest closed on a $57M multifamily construction loan to Stryker Properties and Griffon Capital Management for the Freemont Frisco Apartments development at 9402 Frisco St. in Frisco. The mid-rise multifamily community will contain 313 units upon completion in mid-2028. BBL Building Co. will serve as the general contractor on the project, with preferred equity provided by 25 Capital Partners.
PEOPLE
Crescent Real Estate LLC promoted Anthony Click to senior vice president, leasing; Valeria Caso Hatley to vice president, deputy general counsel; and Peter Miquelon to vice president, investments. Stephen Lin also joined the company as vice president, hospitality.
Click has 44 years of experience in commercial real estate and 22 years leading leasing at The Crescent in Dallas. He will continue to oversee leasing at The Crescent and will lead leasing at 2000 McKinney as Crescent expands its Uptown portfolio.
Hatley will continue to provide legal support to the company and will help manage the daily operations of the legal department. Miquelon joined Crescent in 2019. Lin has more than a decade of experience and will focus on hospitality asset management.
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The city of Plano hired Michael Talley as director of economic development. He has more than a decade of experience in economic development and will work to attract investment, support local businesses and build Plano’s reputation as a destination for business and tourism. Talley will also lead Visit Plano, the destination management and marketing arm of the city. He succeeds Doug McDonald, who was promoted to deputy city manager.
