The first Dallas-area cohort of the Equitable Development Initiative, aimed at supporting emerging real estate developers of color and the creation of affordable housing, graduated earlier this month.
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As part of the program, 15 developers pitched conceptual real estate projects that would revitalize disinvested communities in the region, according to a news release.
“I was inspired by my own past to not only break a generational curse in my own family, but to help other low-income families in urban communities obtain safe, affordable housing, so they can focus their resources more on raising future leaders and entrepreneurs,” program graduate and developer Queenetra Andrews of Dallas said in a statement.
Founded by Capital Impact Partners in 2018 and backed by funding from JPMorgan Chase, the Equitable Development Initiative provides emerging developers of color with access to training, mentorship and capital.
Thus far, the program has trained more than 200 developers of color in Detroit, Washington, D.C., and the San Francisco Bay Area. It expanded into Dallas earlier this year.
PEOPLE
LanCarte Commercial Real Estate named Beth Rice as a property manager. She joins the firm from Cushman & Wakefield, where she was a property administrator and assistant property manager.
LEASES
Bare Dermatology signed an 11.5K SF lease at Frisco Medical Pavilion II, a Class-A, 60K SF medical office building that will eventually be located at 12950 Dallas Parkway in Frisco. The practice will occupy space on the third floor and plans to house more than 30 employees at the building. Kyle Libby with Medcore Partners represented Bare Dermatology in lease negotiations. Transwestern is providing medical agency leasing services for the building, which is slated to break ground in early 2023, with an estimated delivery later that year.
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KBC Advisors leased 10K SF of office space at Harwood 4 at 2828 North Harwood St. in Dallas. CBRE’s Harlan Davis and Phil Puckett represented KBC in the transaction. Kelly Whaley and Hannah Waidmann with Harwood International represented building ownership.
SALES
Transwestern’s Capital Markets Group executed the sale of the two-building, 233K SF DFW Financial Services Office Portfolio, located at 4950 Amon Carter Blvd. and 14800 Trinity Blvd. in Fort Worth. The buyer was Vertical Ventures, an investor, developer and operator of institutional CRE assets. Transwestern’s Mike Hardage, Brooks Creech and Angela Heidman facilitated the transaction.
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GREA facilitated the sale of Blakely Apartment Homes, a 192-unit multifamily community at 1908 Randy Snow Road in Arlington. GREA Executive Managing Director Mark Allen represented the seller, Ashland Greene, and procured the buyer, a local investment company.
CONSTRUCTION AND DEVELOPMENT
Hillwood and Alliance Aviation Services are scheduled to complete construction in December on the new fixed-based operation facility at Perot Field Fort Worth Alliance Airport.
Designed by Corgan Architects and Amaze Design, the FBO space encompasses more than 20K SF of amenitized lounges and meeting facilities along with an additional 68K SF of attached, rentable hangar space. Alliance Aviation Services now has six hangars totaling approximately 200K SF to support the growing fleet of based aircraft. The FBO, located at 13901 Aviator Way in Fort Worth, will also include leasable office space.
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