DALLAS–Venture Commercial Real Estate has completed an assemblage of 43 acres of land located at the northeast quadrant of Cheek-Sparger Road and Heritage Avenue, west of State Highway 121 in Euless.
The buyer, Tonti Properties, is expected to break ground in spring 2016 on Trinity Union, a 457-unit multifamily community. The project has a mixture of product types including a four-story wrap-style building with structured parking, and separate townhome-style buildings with direct access garages and private resident yards. Trinity Union will feature an urban design, the only one of its kind in northeast Tarrant County.
In addition to the multifamily development, 19 acres of the site will be devoted to retail uses.
"This was a complicated transaction, with multiple buyers and sellers involved," Venture partner John Zikos told GlobeSt.com "Ultimately, we were able to leverage the strengths of each of the users to create a win-win scenario. Without the retail component, the multifamily development would not have received the necessary entitlements and the assemblage would not have occurred.
In addition to Zikos, the Venture team consisted of Ken Reimer, Christopher M. Gibbons and Cheryl Hill, who worked with Tonti to acquire three separate land tracts. In the most complex of the transactions, Venture represented the seller, a family that had owned a 25-acre tract for 54 years, while Wilson Stafford of Edge Realty Capital Markets represented Tonti Properties. In the other transactions, Venture and Edge co-represented Tonti Properties.
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