IRVING, Texas – The PPA Group, based in Austin, has purchased Newport, a 308-unit, multifamily community in the north Dallas suburb of Irving, Texas, from Shreveport, Louisiana-based Fortis Company for an undisclosed price. Chris Deuillet, first vice president with CBRE Capital Markets’ Investment Properties in Dallas, represented the seller.
The 238,784-square-foot property at 3466 North Beltline Road in Irving was built in 1981. The complex is made up of one- and two-bedroom units with an average size of 775-square-feet. It was 96% occupied at closing.
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VENTURES DEVELOPMENT TO BUILD APARTMENTS, RETAIL IN FORT WORTH
FORT WORTH — Ventures Development Group, LLC, has broken ground for the first multifamily, mixed-use complex in the Near Southside Community of downtown Fort Worth. Called South 400 Apartments, it is being built on a 2.1-acre parcel at the corner of Jennings and Broadway.
VDG has engaged the multifamily division of Stream Realty Partners to manage the 5-story, 209-unit community that will include 2,600 square feet of retail space and four live/work studio lofts.
Pre-leasing will begin in the second quarter of 2016.
Established in 2006 by Sean Siebert and Rob McConnell, VDG is a real estate development firm specializing in the creation, management and operation of multifamily communities, commercial and retail properties, parking garage and hotel developments located primarily between Texas and Florida.
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SAN ANTONIO APARTMENT COMMUNITY SELLS FOR $51 MILLION
SAN ANTONIO — Pure Multi-Family REIT, LP, has closed on the Brackenridge at Midtown, a multi-family apartment community in San Antonio, for a purchase price of $51 million
The Brackenridge was built in 2014 and consists of 282 new luxury residential units averaging 852 square feet. It abuts a commercial area offering a variety of restaurants, retail stores and nightlife venues.
Pure Multi is a Canada-based firm offering investors exposure to multifamily real estate communities in the US.
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CORONA, Calif. — Institutional Property Advisors, a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, has sold Promenade Terrace, a 330-unit apartment community in Corona, Calif. The $78.5 million sales price equates to nearly $238,000 per unit. Alexander Garcia Jr., Stewart I. Weston and Christopher Zorbas, IPA senior directors, along with IPA associate directors David Sperling and John Montakab represented the seller and procured the buyer.
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WASHINGTON, D.C. — UDR, Inc., a Denver-based multifamily real estate investment trust, has completed the acquisition of six Washington, DC, communities from Home Properties, L.P., for a total price of $901 million. The company purchased the properties through a combination of $565 million of newly issued UDR DownREIT units at $35 per unit, the assumption of $89 million of debt, $221 million of Internal Revenue Service Section 1031 exchanges and $26 million in cash. Separately, the company entered into a contract to sell six communities for $221 million through IRS Section 1031 exchanges and is under contract to sell two communities for $66 million. The transactions are expected to close Dec. 1, 2015. After completing these transactions, the company will exit the Norfolk, Virginia, market.
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