Greysteel has brokered the sale and acquisition financing of Ironwood Crossing and Rush Creek Apartments, a 528-unit, two-property affordable housing portfolio in Fort Worth and Arlington.
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Ironwood Crossing is at 2600 Western Center Blvd. in Fort Worth. It is a 280-unit multifamily community north of Downtown Fort Worth, and was developed in 2004. The property consists of two- and three-bedroom units with an average unit size of 1,178 SF.
Rush Creek is at 1200 West Sublett Road in Arlington. The 248-unit multifamily property was also developed in 2004. The community consists of two- and three-bedroom units with an average unit size of 1,057 SF. Both properties' common amenities include a swimming pool, a fitness center, a business center and two playgrounds.
Greysteel's Ari Firoozabadi, Doug Banerjee and John Marshall Doss represented the private seller, procured the buyer and arranged acquisition financing.
EXECS
Compass Real Estate has named Erik Bahr general manager for Dallas and Fort Worth. Bahr joined Compass from Facebook, where he served as director in the global marketing division for over 10 years.
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The Henry S. Miller Cos. promoted Bill Bledsoe to senior vice president in its land and investments division. He joined the company in 2011 after a decades-long career in the automotive industry, and his expertise has helped Bledsoe to work with automotive dealership clients, along with developers and investors specializing in dealership redevelopment, leasing and business expansion.
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ML Realty Partners hired Ben Salomone as an asset manager focusing on portfolio management. Salamone most recently was employed by True North Investments.
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Thomas Title & Escrow named Marc Miller its Dallas market president. Miller’s career has spanned over 40 years in the title insurance industry, including involvement in starting two title companies, Texas Title and Capital Title of Texas.
DEVELOPMENT
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Stream Realty Partners is poised to break ground on Northwest Commerce Park in Fort Worth, capitalized through a joint venture with a global institutional investor. Located on about 66 acres, the development will include as much as 1.1M SF of industrial space in three buildings. Stream's Seth Koschak, Cannon Green and Forrest Cook will oversee leasing of the project. Albert Jarrell, managing director of Stream’s construction division, will supervise its construction.
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Mason Joseph Co., a San Antonio-based Federal Housing Administration multifamily lender, has facilitated a $32M loan for the construction and permanent financing of Artistry at Edgestone, a 188-unit, market-rate senior apartment development at Legacy Drive and Academy Drive in Frisco. The financing was secured through the HUD 221(d)(4) loan insurance program in the form of a nonrecourse loan fixed for the initial 18-month construction period, with a subsequent 40-year term. The project is being developed by Presidium Group.
LEASING
Ex-Serve, which provides services to expert witnesses, is renewing its lease for more than 14K SF at 8909 Chancellor Row in Dallas. The Mayville Co.'s Mike Mayville represented the tenant, while the Mercer Co.'s Jeremy Mercer represented the landlord, John McLeod Jr.
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Counter Creating Inc. has leased 10K SF at 10751 Mapleridge Drive in Garland. The Mercer Co.'s Tucker Cason represented the tenant, while the Mayville Co.'s Mike Mayville represented the landlord, Stephen Davis.
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DSW Shoe Warehouse has leased 16K SF at Denton Crossing (1800 South Loop 288) in Denton. The Retail Connection's David Levinson and Jack Weir represented the landlord, RPAI Southlake, while their colleague Steve Greenberg represented the tenant.
SALES
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Rowan Properties brokered the sale of the 41-unit Bonnie Green Apartments, which was built in 1983 in Denton. Rowan represented the seller and helped procure a local buyer that owns other property in the submarket. The buyer plans an extensive renovation to the property's interior and exterior.
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Younger Partners has brokered the sale of Arlington Commons — Arlington’s first market-rate Class-A multifamily development (outside of student housing) — for an undisclosed price. The developer, locally based Nehemiah Co., completed the 353-unit first phase of Arlington Commons at 425 East Lamar Blvd. in 2018. The property was sold to New York-based Praedium Group, with Younger Partners’ Bob Helterbran and Lew Wood negotiating the sale.
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A Dallas-based investment group has acquired a 27K SF parcel at 408 Singleton Blvd. in West Dallas’ Trinity Groves district for an undisclosed price. The seller was a Dallas-based LLC. Weitzman's David Zoller, Derek Schuster and Kevin Butkus handled the negotiations. No plans have been disclosed for the site, which is adjacent to the Cypress at Trinity Groves mixed-use project and across Singleton Boulevard from the Trinity Groves restaurant marketplace.
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Strive, an investment sales firm based in Dallas, has brokered the sale of Victory Shops @ Riverside II in Irving. The retail strip was built in 2017 and is 100% occupied. The buyer and seller were private entities.
