Pacific Elm Properties co-founder Jonas Woods is stepping down from his role as chief executive officer.
Woods will transition to a strategic advisory role with the Dallas-based office developer while remaining a major investor with the company.
He will be succeeded by Pacific Elm co-founder Billy Prewitt, who will be exiting his role as chief investment officer. Former managing director Clint Corn is replacing Prewitt as CIO.
“I hired Billy in 2008 and have worked closely with him for over 17 years. He has been intricately involved in every aspect of our business and has led numerous key initiatives over the past decade,” Woods said in a statement. ”I have no doubt the PacElm team will accomplish great things under his leadership, and I’m excited to continue supporting their ambitious plans as a shareholder and advisor.”
D-FW Real Estate News
Pacific Elm’s portfolio includes the 500,000-square-foot Bank of America Tower and the transformation of the formerly distressed Thanksgiving Tower into a mixed-use development.
New home community opens in Celina
Luxury homebuilder Toll Brothers announced the opening of The Ranch at Uptown Celina, 625 Ladybug Trail in Celina.
Homes are priced from the upper $300,000s to the low $700,000s. Sizes range from 1,500 to more than 5,000 square feet with three to six bedrooms, two to 5.5 baths and two- or three-car garages.
Community amenities include an outdoor pool, biking trails, open green space and more. The master-planned development is located within the Celina Independent School District.
Dallas apartment complex sells
Private equity firm KKR purchased The Fairmount at Oak Lawn, a 368-unit multifamily property in Dallas, according to Yardi Matrix and Multi-Housing News.
Cortland sold the Class A building, and KKR also obtained a $71.3 million loan, records show.
The Fairmount at Oak Lawn is a five-story building with one- and two-bedroom apartments with an average square footage of 833 square feet. The property is located at 4210 Fairmount St. and is three miles from downtown Dallas.”
Firm lands new McKinney HQ
Watson Branding and Marketing has signed a seven-year, 8,200 square-foot lease at 551 E. University Drive in McKinney.
Dominus Commercial Vice President Brian Gehrisch brokered the deal. The building should be finished in February 2026, which is when the lease will begin.
Dominus Commercial is a Dallas–Fort Worth-based commercial real estate firm specializing in tenant and landlord representation, investment sales, and advisory services.
Law firm relocates Dallas office
Law firm Perkins Coie plans to relocate its Dallas office to the Quad, a newly developed Class A office building in Uptown.
The firm will occupy 19,000 square feet and the new office is set to open in mid-2026, the firm said.
“We continue to make strategic investments in our Dallas presence and client capabilities, and our new offices will serve to further our continued growth in the city,” Jill Louis, Perkins Coie’s Dallas office managing partner, said in a statement. “The unique space and amenities at The Quad will enable us to continue attracting high-caliber legal and business talent in a collaborative and client-centric workspace.”
Construction begins at McKinney apartments
Dallas-based Mill Creek Residential has started construction on its new mid-rise McKinney apartment tower, Modera Ridgeline.
The project broke ground in the spring and will feature 325 apartments. It’s the firm’s second apartment development within the 491-acre Ridgeline master-planned community.
The property is adjacent to Modera McKinney Ridge, which welcomed its first residents in April. First move-ins at Modera Ridgeline are anticipated for fall 2026.
Modern Ridgeline is located at 4230 N. Hardin Boulevard and features one-, two- and three-bedroom apartments. Community features include a coffee bar, game room with shuffleboard, multiple private working spaces, conference room, dog park, pet spa and a two-story club-quality fitness center with a yoga/Pilates studio.