FLOWER MOUND, TX—SWBC Real Estate LLC developed River Walk Village and Timberview Ranch with construction completed in 2016 and 2017, respectively. River Walk Village is a 358-unit class-A property in Flower Mound, TX.
Timberview Ranch is a 304-unit class-A property located in Grand Prairie, TX. It has good frontage exposure along the new Texas State Highway 360-South Toll Road. This road is expected to be open in the first half of next year, which will dramatically help the drive-by visibility of the property, clear the current traffic congestion and open up the area for all kinds of new development, GlobeSt.com learns.
SWBC recently sold the properties for a combined sales price of $100 million to Weinstein Properties, a Virginia-based family office. Weinstein Properties currently owns and manages more than 17,000 multi-family units in Virginia, North Carolina and Texas. Weinstein Properties has rebranded River Walk Village to Bexley River Walk and Timberview Ranch is now known as Bexley Mansfield.
“We are newcomers to the Dallas-Fort Worth market and are delighted to start building our portfolio in this market with these two assets,” said Ivan Jecklin, co-president and general counsel of Weinstein Properties.
The sale of both properties was brokered through executive director Will Balthrope, senior director Drew Kile and Joey Tumminello of Institutional Property Advisors (IPA), a division of Marcus & Millichap, on behalf of SWBC Real Estate.
“This was an opportunity to bring a great buyer and family office to the table for a great developer client who built two highly sought-after assets,” says Kile. “We worked closely with SWBC Real Estate for several months prior to marketing, to best position the asset for a smooth sale.”
The town of Flower Mound is a high-end/high-income community with very strict zoning, so to be able to get a multifamily property in Flower Mound adds a tremendous amount of value. The stringent zoning also helps to keep the multifamily rental market tight. The low supply of new product makes the River Walk property very unique. Only three multifamily properties have been built in Flower Mound within the past 17 years, reps for SWBC tell GlobeSt.com.
“The Flower Mound and Mansfield submarkets are two of the strongest in the Dallas/Fort Worth market and high on the list for active buyers,” says Balthrope.
SWBC Real Estate LLC has a primary focus in multifamily development. The parent company, SWBC Enterprises Ltd. is owned by cofounders Charlie Amato and Gary Dudley.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
