Texas CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
DFW Apartments Trade for $39.5M
A 226-unit apartment complex located at 660 Yorktown Street in Dallas has sold. The seller, Nuveen Real Estate, sold the 2016-built property to ShainRealty Capital. The property is situated next to the neighborhood of Kessler Park.
The purchase price was $39.5 million, or $174,779 per unit. The sponsor will implement an affordable housing tax credit on the property and rebrand the name to “Infinity on Yorktown”.
A $27.6 million financing was procured by Jared Stein of Arbor Realty Trust. The 5-year Interest-only CMBS loan penciled to a 70% LTV and locked in at a 5.88% fixed rate.
The Yorktown Luxury Apartments features a pool, 24-hour fitness center, covered parking, billiards room, garage parking, club house, and outdoor grills. A Tech Package includes remote access door locks, thermostat and water leak sensors.
Eric Calub, Caleb Jones, and Paul Harris of Berkadia brokered the sale transaction.
This is ShainRealty Capital’s sixth acquisition in Dallas in the last three years.
- ◦Sale/Acquisition
