This Week's Dallas-Fort Worth Deal Sheet: SPI Advisory Buys 314-Unit Property in Lakewood Area Of Dallas

SPI Advisory acquired the 314-unit multifamily property Winsted at White Rock in Dallas’ Lakewood neighborhood as a value-add opportunity.

The Class-A garden-style property was built in 1996 and has only been partially renovated by prior ownership. SPI intends to fully renovate the property’s remaining classic units, improve common areas and amenities, and finish the installation of washers and dryers in all units. 

“Winsted at White Rock’s location in the Lakewood neighborhood offers residents the best of both worlds — proximity to top-tier schools, parks, and cultural landmarks,” SPI principal and co-founder Michael Becker said in a statement. “Our improvements will further enhance the living experience, ensuring it remains a premier choice in one of Dallas’ most sought-after communities.” 

Winsted at White Rock is SPI’s 49th acquisition in DFW since it was founded a decade ago. The company now owns and operates almost 4,000 units in the Metroplex and around 8,000 throughout Texas.

PEOPLE

Allen-based FTK Construction Services added Randy Rivers to its Conventional Renovation Division as national account executive for conventional and insurance projects. He has 25 years of sales and leadership experience in the multifamily industry, including 22 years at Behr Paint Co. 

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Corporate real estate advisory firm Citadel Partners promoted Andy Goldson and Mac Morse to equity partners. Goldson has been with the company since 2013, while Morse joined in 2015. In their new roles, the duo will join Citadel Partners’ leadership team, assisting with new business development, client retention and mentorship of the firm’s growing Dallas and Fort Worth teams. They join founding Managing Partners Scott Morse and Scott Jessen.

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Private equity firm Crux Capital promoted James Kay to partner. Kay joined Crux Capital in 2022 after more than four years with Insight Equity.

SALES

Multifamily investment group Rise48 Equity acquired the 224-unit Saddletree Apartments in East Dallas. The property will be renamed Rise Hillcrest, and Rise48 Equity plans to invest more than $6.5M in renovations to all of the property’s units and its exterior.

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OrangeStone Capital sold a 39K SF office building in Uptown Dallas, commercial real estate brokerage firm Marcus & Millichap announced. Marcus & Millichap's Joseph Jaques and Ron Hebert marketed the building at 4211 Cedar Springs Road on behalf of the seller.

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The 221K SF Bosque River Centre in Stephenville sold in a deal brokered by Disney Investment Group. The shopping center, which was built in 1984, was 97% leased at the time of its sale. Disney Investment Group’s David Disney and Adam Crockett procured the buyer and represented the seller in the deal.

LEASES

Atlanta-based law firm King & Spalding announced it has leased nearly 25K SF of office space at The Link at Uptown for its Dallas office, which was set up earlier this year. The firm leased the entire 23rd floor of the building at 2601 Olive St. in Dallas. 

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Avocado supplier and guacamole manufacturer GoVerden opened a new U.S. headquarters at Legacy West in Plano. The size of GoVerden’s new space wasn't disclosed, but the company said it plans to double its staff with the new headquarters.

CONSTRUCTION AND DEVELOPMENT

Granite Properties and Highwoods Properties announced the topping out of the 642K SF 23Springs development in Uptown Dallas last week. The 26-story office tower, which is 60% leased, was designed by GFF, while Bank OZK provided construction financing. DPR Construction, the project’s general contractor, began work on the project in June 2022 at 2323 Cedar Springs Road.

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GBT Realty Corp. announced construction is underway on the nearly 51K SF Burleson Commons shopping center on the southern edge of the Metroplex in Burleson. The center will be anchored by Sprouts Farmers Market. The project’s first phase is slated to be done in June, and the grocery retailer is expected to open in July. Phase 2 of the project will add more retail space on the southernmost portion of the site. The center was designed by Kansas-based BRR Architecture Inc.

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Adolfson & Peterson Construction, BRS Architecture and the city of Greenville broke ground on SportsPark Center, a 120K SF recreation and athletic facility at 3603 Leo Hackney Blvd. The project will also include updating and remodeling the 18K SF Reecy Davis Center at 4320 Lee St. Construction began in September, with an expected finish date in May 2026. Architecture firm Barker-Rinker Seacat is working with Adolfson & Peterson on the project.  

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An $80M grant from the Infrastructure for Rebuilding America program was awarded to the North Central Texas Council of Governments and Hillwood to launch the AllianceTexas Smart Port. The $262M public-private partnership includes the Texas Department of Transportation, the city of Fort Worth and the city of Haslet. It will connect the AllianceTexas Inland Port to the Dallas-Fort Worth regional transportation network with real-time tracking of goods and services.

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Luxury mid-rise apartment community Remy held its grand opening at 5775 Blairview St. in Frisco, according to an announcement from Toll Brothers Apartment Living in partnership with Equity Residential. Construction on Remy’s 357 units began in 2022. The property features amenities such as an outdoor courtyard with a kitchen, a fitness center with a yoga room, a lounge with a terrace, and a pet spa.

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Pacific Elm Properties finished work on the Wellness Floor, an amenity level in the Peridot Residences in Santander Tower. The 33rd-floor amenity center features an indoor pickleball court, a Pilates studio, a sport lounge and spa-grade saunas. Peridot Residences has 291 units on 14 floors in the Downtown Dallas tower. Dallas-based WDG Architecture was the project’s architect, while Adolfson & Peterson served as the general contractor and Swoon, the Studio was responsible for interior design services.

FINANCING

JLL Capital Markets secured financing for two Class-A industrial properties on behalf of Hillwood.

Fixed-rate, five-year loans with PPM America were secured for a 508K SF-plus facility at 1201 Big Town Blvd. in Dallas and the nearly 335K SF property at 901 Distribution Drive in Wilmer. The Dallas property is 88% leased to two tenants, while the Wilmer facility is fully leased. JLL debt advisory's Trey Morsbach, Jarrod McCabe, Ryan Pollack and Chad Lisbeth worked on the deal.

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Cushman & Wakefield secured $99.8M of financing for the more than 1.6M SF industrial park Core45 in Wilmer. The park, a joint venture of Grandview Partners and TRG Development, was completed this summer after work began in March 2022. A refinancing loan provided by Benefit Street Partners replaced the construction loan at more favorable terms.

Core45 consists of two industrial, manufacturing and distribution buildings of 616K SF and more than 1M SF. The property is 18% preleased to Owens Corning.

Cushman & Wakefield’s Rob Rubano, Brian Share, Michael Zelin, Max Schafer, Billy Coyle and Nikola Kretschmann worked on the deal with assistance from the firm’s Jim Carpenter, Jud Clements, Robby Rieke and Trevor Berry.

THIS AND THAT

National real estate appraisal firm Velox Valuations plans to open its first franchise location in the Dallas-Fort Worth area under the leadership of owner Casey Mann. He has more than 10 years of experience as a certified appraiser and has been with Velox Valuations' DFW office for more than a year.