Atlanta-based CF Real Estate Services LLC has acquired a 432-bed student-specific apartment community near the University of North Texas in Denton for $24.8 million, which will bring its portfolio of owned or managed properties to 25,000 market rate and workforce housing units in the United States.
As part of the deal, the partnership has renamed the property Midtown 905. The community will be managed by CF Real Estate’s management division Campus First Student Living, which manages more than 6,000 beds.
The addition of the community to the student housing portfolio has given CF Real Estate Services the ability to add Texas to its growing southwest footprint, said CEO Brett Finkelstein.
The seven-year-old property gives UNT students two-bedroom apartment, three-bedroom apartment or four-bedroom apartment options, with a total of 120 apartment units with 432 beds. The community has a clubhouse with fitness center, study lounge, game room, pool and tanning bed.
CF Real Estate plans on upgrading the Denton student housing community with additional fitness equipment, a renovated clubhouse, new dog park and outdoor kitchen, and new exterior paint and landscaping.
The management firm also plans to convert some of the units to 100 VIP suites with granite countertops, subway tile back splashes, wood flooring, upgraded lighting and an upgraded furniture package.
Meanwhile, Dallas-based TIER REIT Inc. (NYSE: TIER) has sold Centreport Office Center, a two-building, single-story office complex totaling roughly 133,000 square feet in Fort Worth, for about $12.7 million.
This is part of a larger divestment strategy for TIER REIT.
Earlier this month, the real estate investment firm sold 500 East Pratt in Baltimore, Maryland, with plans to sell a Houston property, called Loop Central, by the end of the first quarter.
Here’s a look at some of the other real estate deals hitting the North Texas market:
Greystar has landed financing to develop two adjacent North Dallas communities on a 22.7-acre tract at the northwest corner of Inwood Road and Forest Lane. The deal will help construct Elan Inwood, a 180-unit luxury townhome community, and Forestwood Active Adult, a 197-unit, age-restricted active adult community. The high-profile communities have been on Greystar’s books for some time as the firm worked with neighbors. Both properties will deliver in late 2019. HFF represented Greystar in securing the funds for the projects.Dallas-based Dunhill Partners has acquired an apartment community at 1900 Hi Line Drive in the Dallas Design District and has renamed the community, The Dunhill. Hamilton Realty Finance helped Dunhill Partners secure $24.8 million in acquisition financing.Southlake-based Texas Digestive Disease Consultants has acquired Elmbrook Medical Plaza, a 45,000-square-foot medical office building at 8267 Elmbrook Drive near the Dallas Medical District in an off-market deal for an undisclosed sum. Leigh Richter of Dallas-based Bradford Commercial Real Estate Services represented the landlord, LoaLoa Partners LP. Kyle Libby of MedCore Partners represented the buyer-of-record, TDCC Elmbrook Properties LLC. Copeland Commercial, a Dallas-based real estate investment and development firm, has landed a construction loan for a new 302-unit apartment community, called Grand on Beach Apartments near Northern Cross and Beach Street in Haltom City. JLL’s Curtis Jaggars helped arrange the loan on behalf of Copeland Commercial through Endeavor Real Estate Group. The details of the loan were undisclosed. Bishop Arts LLC has acquired a 13,801-square-foot building at 407 W. 10th St. in the Bishop Arts District in Dallas from Child Care Group for an undisclosed sum. The building is slated for redevelopment from a child care facility into office and creative space. Leigh Richter of Bradford Commercial Real Estate and Clint Manning, formerly with the brokerage firm, represented the seller in the deal. Child Care Group will relocate its facility to a nearby leased space this summer. All American Hardwood Inc. has signed a lease totaling 15,042 square feet of space at 3405 Dalworth St. in Arlington. Corby Hodgkiss of Dallas-based Mercer Co. represented the tenant in the deal. Matt Thompson of Lee & Associates represented the landlord, Tarrant County Properties LLC. Stonebrook Medical Bldg. Partners LP has acquired a one-acre development tract near Teel and Stonebrook parkways in Frisco for an undisclosed sum to develop a medical office building. Sam Owens of OGH Commercial represented the buyer. Leigh Ritcher represented the land seller, Daryablue LLC. Pratt Corrugated Holdings Inc. has signed a lease totaling 60,141 square feet of industrial space at 15000 Grand River Road in Fort Worth. Michael Swaldi and Craig Phelps represented Pratt Corrugated Holdings in the deal. Tom Walrich and Reed Parker of Lee & Associates represented the landlord, FRAPAG Riverpark DFW LLC. Shake Shack has signed a lease totaling 3,000 square feet of restaurant space at 1256 Main St. in Southlake for a new eatery. Mitch Traub and Alan Shor of The Retail Connection of Dallas represented Shake Shack in the deal. Rand Horowitz of Dallas-based Shop Cos. represented the landlord. Leverage Square 67 LP has purchased a 3,200-square-foot vacant tract at 204 N. Carroll Ave. in Dallas to fold into a larger assemblage for a new apartment and townhome development in East Dallas. Peyman Etebari of Plano represented the buyer. Leigh Ritcher of Bradford Commercial Real Estate Services represented the seller, the Carbajal family.Green Planet 21 has signed a lease for 68,645 square feet of industrial space at 4300 Diplomacy Road in Fort Worth. Reed Parker of Lee & Associates represented Green Planet in the deal. Gil Stroube of Dallas-based Lincoln Property Co. represented the landlord, Denali Texas Diplomacy Industrial. Maga Texas Holdings LLC has acquired an 11-acre tract near S. Interstate 45 and E. Wintergreen Road in Hutchins to develop a new hotel. Lynn Dowdle of Dallas-based Dowdle Real Estate represented the buyer in the deal. Clay Mote of Dallas-based Venture Commercial represented the seller, DLH Master Parcel #2. Fagan Logistic Services LLC has leased 72,121 square feet of space at 1430 Bradley Land in Carrollton. Adam Curran of Cushman & Wakefield represented the tenant in the deal. Andrew Gilbert of Addison-based Holt Lunsford Commercial represented the landlord, ATCAP Partners. Hutlas Holdings LLC has acquired an 11,250-square-foot building at 2331 Farrington St. in Dallas for an undisclosed sum. Diane Williams of DW Co. represented the buyer. David Guinn of Dallas-based Mercer Co. represented the seller, Fegan Fine Art Restoration. BurgerFi has signed a lease for 3,000 square feet of retail space at the northeast corner of Preston Road and Frankford Road in North Dallas. Bryan Cornelius and Albert Hernandez of Dallas-based Venture Commercial represented BurgerFi in the deal. Kendall Ibsen of The Retail Connection of Dallas represented the landlord, Preston Road Associates Ltd.