Realty Funding Group of Denver has bought the 272-unit Greyson's Gate and the 200-unit Gates of Provence, both developments of Dallas-based Windsor Residential Inc. The properties are situated on the north side of Frankford Road and are sisters to Windsor's 336-unit Gates of Frankford Springs and 296-unit Andalusin Gate, which had been bought by Atlanta-based TMW Realty in late November.
Windsor historically develops and then sells its projects, Ostroff tells GlobeSt.com. He says he knew Windsor would be selling the developments so he courted Realty Funding with the idea in early September. The Colorado firm immediately inked a purchase option. Realty Funding owns two to four other multifamily complexes in Dallas and one in Ft. Worth.
Key to the quick decision undoubtedly is the upcoming opening of a full interchange at Texas 190. "When it's done... people at the properties can go one block, jump on 190 and go in any direction" to get to Dallas' critical areas for work or recreation, he says.
The one-year-old Gates at Provence and three-year-old Greyson's Gate, both fully leased, are positioned on 10 acres and 13 acres, respectively. The Gates at Provence fetches 97 cents per sf, or an average monthly rental of $980, while Greyson goes for 96 cents per sf, or $940 per month.
That same week, Balthrope, who is Grubb & Ellis' multifamily specialist in Austin and San Antonio, and Ostroff headed south to close on the 284-unit, class-A Walnut Creek complex in Austin and the 64-unit Mulberry Hill in San Antonio.
The one-year-old Walnut Creek, positioned on 10 to 12 acres in the northeast submarket, fetches 95-cents per sf or $750 per month. But, there's a chance that units could end up corporate apartments as the 98%-occupied complex's leases expire, says Balthrope. The class-A complex has been bought by Oakwood Worldwide of Los Angeles, the nation's leading corporate housing operator and owner of one other Austin property. "They're not sure whether they will make it corporate apartments or not," says Balthrope.
What has changed since the takeover is the name: it's now the Oakwood Apartments. Balthrope and Ostroff represented the developer, Hugh Caraway of San Antonio, in the sale.
The final transaction of the hectic sales week put the class-C, 64-unit Mulberry Hill into the hands of Carole Kotz of Lake Tahoe, who had just sealed two other buys for San Antonio properties. This time, Balthrope and Ostroff represented GMAC Commercial Mortgage, which had foreclosed on the 40-year-old complex situated on 3.2 acres. The complex, which is 95% occupied, brings in 55 cents per sf or $475 per month.
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