This Week's Dallas-Fort Worth Deal Sheet
The Dallas Housing Opportunity Fund closed on its first project investment with $3.4M in financing to support construction of Kiva East, a Saigebrook Development project that will create 87 new rental homes along the Santa Fe Trail in East Dallas.
Seventy percent of the apartments will be affordable to families earning 60% of the area median income or less, including some units priced for families earning less than $26K, according to a city news release. The property will also include a daycare center for families that struggle to afford childcare.
“I am excited to see this initial activity for the DHOF,” Council Member Tennell Atkins, who also serves as chair of the city’s economic development committee, said in a statement. “Through partnerships … we are able to leverage city funding into much needed affordable housing in East Dallas plus on-site childcare for our working Dallas families.”
The fund tapped capital from the city of Dallas and anchor investor Sunflower Bank, per the release. The DHOF is managed by LISC Fund Management, a unit of community development financial institution Local Initiatives Support Corp.
“This project clearly reflects long-term efforts to bridge gaps in health, wealth and opportunity for residents of Dallas — especially disparities related to race and class,” LISC Fund Management President George Ashton said in a statement.
PEOPLE
Stream Realty Partners named former Executive Managing Director of Investment Management Adam Jackson as its first chief investment officer. Jackson joined the firm in 2008, working in various areas of the business before launching the investment management platform in 2015. He has led approximately $4B of acquisitions and developments totaling 30M SF.
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Ben Terry, a retail brokerage professional with more than two decades of experience, joined Weitzman as vice president and director of portfolio leasing for the Dallas-Fort Worth office. Prior to joining Weitzman, Terry served as Kimco Realty’s director of real estate in Southern California. At Weitzman, Terry supervises the leasing team responsible for project representation for a large portfolio of DFW retail properties.
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Greysteel welcomed Matthew E. Drane as vice president of national training and development. Drane brings years of experience as a commercial real estate executive, broker and investor. In his position at Greysteel, Drane will oversee the onboarding, training and development of Greysteel’s investment sales, capital markets and structured finance professionals across all U.S. office locations.
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Proptech company cove named Caroline Frith as its chief strategy officer. Frith joins the company with a 20-year background in commercial real estate, investment banking and data analytics technology. Her most recent role was head of strategy and innovation for the asset services technology division of Cushman & Wakefield.
LEASES
Winstead expanded its office footprint to include the third floor of Harwood No. 2 in the Harwood District. The company, which has been a tenant in the district since 2012, added 20.7K SF to bring its lease to a total of about 150K SF.
SALES
Empire Holdings sold nine warehouses across the U.S., including a 149K SF property at 4801 Esco Drive in Fort Worth. Arden Group purchased the approximately 350K SF single-tenant portfolio that includes assets across five states. The transactions were facilitated by Stream Realty Partners and Stan Johnson Co.
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Bell Partners Inc. acquired a portfolio of four apartment communities totaling 846 apartments, including the 234-unit Residences at Starwood in Frisco. The total purchase price was $313M.
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Magma Equities, in its first joint venture with Walker & Dunlop Investment Partners, acquired a two-property, 820-unit, value-add suburban multifamily portfolio in Texas from Moody National Cos. in an off-market transaction. The purchase of the 580-unit Village at Bellaire in Houston and the 240-unit Lost Spurs Ranch in Roanoke brings the firm’s Texas assets under management to 3,440 units.
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Los Angeles-based Odyssey Properties Group acquired three multifamily communities in the Dallas-Fort Worth area comprising 578 units. The properties include two Arlington properties, the 250-unit Huntington Meadows at 2311 Stratton Lane and the 68-unit The Dalton at 1705 Big Sur Drive, as well as The Belmont at 1920 West Tarrant Road in Grand Prairie.
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Thor Equities Group sold 350 Cypress Hill Drive, a 302K SF Class-A industrial building on more than 16 acres in McKinney. Thor acquired the property in August 2021 along with the adjacent 3601 North McDonald St., a 130K SF warehouse, for $35.7M. The latter asset was sold in January for $20M.
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Tides Equities acquired two multifamily properties in Northeast Dallas. The transactions, brokered by Taylor Hill of IPA, consisted of the 314-unit Belterra and 220-unit Estancia.
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Coltala Holdings closed the investment of Pond Robinson & Associates LP, a nationwide commercial equity-level due diligence firm providing engineering and architectural services for institutional property owners acquiring or developing commercial real estate across the U.S. The company has 42 employees and is headquartered in Dallas, with additional offices in Atlanta, Tampa and Houston.
PR&A’s President and Managing Principal Michael Raybon and principal Mark Petersen will continue to lead the company post-closing, and founding member Alan Pond will stay on as an adviser and investor.
