A southern Dallas apartment complex is slated to receive a nearly $22 million facelift.
FTK Construction Services, a nationwide general contractor specializing in affordable housing developments, will rehab the Royal Crest Apartments at 3546 Wilhurt Ave. in Dallas.
The 167-unit complex features one-, two- and three-bedroom units. The property was built in 1968. The value of the contract is just over $21.8 million, according to a news release.
The lender for the project is Capital One, and the Architect is Hooker DeJong Inc.
D-FW Real Estate News
The property owner is New York-based real estate company Fairstead. The firm develops, owns and manages more than 28,000 apartments throughout the United States.
Several interior renovations, such as updates to the heating, ventilating and air-conditioning and electrical enhancements, are planned. The common area is set to be upgraded, and exterior work, such as roof replacements, is also planned.
“Royal Crest marks our first acquisition in the Dallas-Fort Worth metro area, and we are thrilled to partner with FTK on this project,” Robert Barnard, senior director of development at Fairstead, said in a statement. “We look forward to the positive impact that the planned renovations and investment will have on the community.”
1.7 billion-square-foot industrial portfolio sells
JLL Capital Markets announced the sale of DFW Bulk Portfolio, a nearly 1.7 million-square-foot industrial portfolio of four properties across three Dallas-Fort Worth submarkets.
JLL represented the seller in the sale to an Ares Real Estate fund. Ares Industrial Management, a leading owner and operator of logistics facilities, will manage the portfolio.
Financial terms of the transaction were not disclosed.
The properties are in the North Fort Worth, East Fort Worth and Great Southwest submarkets. The portfolio is fully leased to six tenants across industries that include apparel distribution, third-party logistics, environmental services, portable storage solutions, HVAC distribution and automotive services.
The JLL Capital Markets team representing the seller included Industrial Group co-head and senior managing director Trent Agnew, senior director Tom Weber and director Pauli Kerr, associate Keenan Ryan and analyst Brennan Fewin.
Master-planned community enters second phase of development
Farmers Branch-based Centurion American Development Group is expanding one of its Grayson County neighborhoods.
The firm announced the second phase of development has begun at The Bridges at Preston Crossings, a master-planned community in Gunter originally acquired in 2012.
Mattamy Homes is the builder on the project. Centurion American said it expects to deliver 137 new lots to Mattamy Homes later this month.
The Bridges at Preston Crossings is one of several Centurion American residential communities in Grayson County. Others include the Cottonwood development in Dorchester and Platinum Ranch, a 4,200-home development in Gunter.
“The Bridges at Preston Crossings is a community that reflects our vision for creating places where families can thrive,” Mehrdad Moayedi, president and CEO of Centurion American Development Group, said in a statement.
Rockwall shopping center changes hands
A Tom Thumb-anchored shopping center in Rockwall has a new owner.
JLL represented the seller, Crestview Real Estate LLC. The firm developed the facility, The Shops at Stone Creek, in 2009. The buyer was Westwood Financial.
The Shops at Stone Creek is at 3066 N. Goliad St., at the intersection of Goliad and FM 55. The 80,599-square-foot retail center is 100% leased and anchored by a 59,313-square-foot Tom Thumb grocery store.
Other tenants include Care Now, Great Clips, Subway, The UPS Store, McDonald’s, Salad and Go and HTeaO.