Late last year, ShainRealty Capital expanded its footprint in Dallas with the acquisition of Yorktown Luxury Apartments, a 226-unit property built in 2016, for $39.5 million, or $174,779 per unit, from Chicago-based Nuveen Real Estate.
Nuveen, the investment manager of the Teachers Insurance and Annuity Association of America, ranked as the No. 4 owner in the country with 84,697 units on the most recent National Multifamily Housing Council Top 50.
ShainRealty, a Los Angeles privately-owned real estate investment firm, will implement an affordable housing tax credit on the property and rebrand it as Infinity on Yorktown. The asset has 10-foot ceilings, a resort-style pool, a 24-hour fitness center, covered parking, a billiards room, garage parking, a clubhouse and outdoor grills.
Its in-unit features include granite countertops, vinyl plank flooring, kitchen islands,
stainless steel appliances, kitchen pantries, oval soaking tubs and a tech package with remote access door locks, thermostat and water leak sensors.
Yorktown Luxury Apartments is situated next to an affluent residential neighborhood and a corridor offering 50,000 square feet of retail and restaurant space.
“The acquisition presents an excellent opportunity for ShainRealty to gain scale in a depressed market, where prices have come down dramatically,” Jonathan Shainberg, managing partner of ShainRealty Capital, said in a release shared with Multifamily Dive.
Arbor Realty Trust procured $27.7 million in financing with a five-year interest-only commercial mortgage-based securities loan penciled to a 70% loan-to-value at a 5.88% fixed rate.
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