SAN ANTONIO and DALLAS, June 21, 2022 /PRNewswire/ -- SWBC Real Estate, LLC, announced that it recently sold five multi-family properties in the Royalton Portfolio. Marcus & Millichap's Institutional Property Advisors (IPA) handled the sale for SWBC Real Estate.
The portfolio consists of the following properties throughout Texas:
The Royalton at Grand Prairie™ – 300 units located in Grand Prairie, TX
Central Park at Craig Ranch – 271 units located McKinney, TX
The Royalton at Craig Ranch™ – 271 units located in McKinney, TX
The Royalton at Rockwall Downes™ – 295 units located in Rockwall, TX
The Royalton at Sunfield™ – 300 units located in Buda, TX
"It's apparent that there is still a very aggressive appetite for new multi-family properties in the Dallas and Austin markets, as there was a large amount of interest in the sale of these properties," said Stuart Smith, Chief Operating Officer of SWBC Real Estate, LLC. "Additionally, the recent uptick in interest rates are causing some concern with the future values of commercial real estate properties; however, the continued interest in the multi-family sector in well-located areas throughout Texas has remained strong at this time."
Each property is a Class A multi-family complex situated in high-growth areas, within close proximity to a major city in Texas. The continued population growth across the state helped escalate the leasing velocity for each property, while also providing attractive rent growth throughout the lease-up of the portfolio.
IPA's Joey Tumminello, Will Balthrope, Jordan Featherston, Michael Ware, Taylor Hill, Kent Myers, Asher Hall, Grant Raymond, Jeffrey Kindorf, and Drew Kile represented SWBC Real Estate in this transaction.
"Our statewide team worked seamlessly together to deliver the utmost results for our client, producing two top buyers in Dallas-Fort Worth and Austin, Texas," said Drew Kile, IPA. "Handling the sale of five new construction assets in different markets came down to finding the right buyers looking to expand their footprint in best-in-class, Suburban Core product."
The purchaser of the Dallas-Fort Worth area properties was Lightbulb Capital Group, the Family Office of Jay Schuminsky. Brixton Capital purchased the Austin Property. Both buyers are located in California.
"This was a special opportunity to scale our DFW multi-family footprint with four best-in-class properties in highly desired markets," said Jay Schuminsky, Lightbulb Capital Group.
SWBC Real Estate recently began construction on its latest project The Royalton at Creeks of Legacy in Celina, Texas, and has several more developments currently planned, of which will be included as part of the recently raised SWBC Real Estate Fund.
About SWBC Real Estate
SWBC Real Estate, LLC (www.swbcrealestate.com) is owned by SWBC Enterprises, Ltd. SWBC Real Estate is managed by an experienced team of real estate professionals located in Dallas, Texas, with a primary focus in multi-family development. SWBC Enterprises, Ltd. is owned by Charlie Amato and Gary Dudley, co-founders of SWBC. SWBC is a diversified financial services company providing a wide range of insurance, mortgage, and investment services to financial institutions, businesses, and individuals. With offices across the country, SWBC is committed to providing quality products, outstanding service, and customized solutions in all 50 states. For more information, visit www.swbc.com.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA's combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com
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SOURCE SWBC
