SWBC Real Estate Sells Texas Multifamily Assets for $350M

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SWBC Real Estate Sells Texas Multifamily Assets for $350M #SWBC #Real #Estate #Sells #Texas #Multifamily #Assets #350M Welcome to TmZ Blog, here is the new story we have for you today:

DALLAS, TX – Dallas-based SWBC Real Estate LLC has sold five multifamily properties within its Royalton portfolio for a total of $350 million.

The class A communities are each situated in high-growth areas throughout Texas.

The properties include the 300-unit The Royalton at Grand Prairie in Grand Prairie, TX; the 271-unit Central Park at Craig Ranch in McKinney, TX; the 271-unit The Royalton at Craig Ranch in McKinney, TX; the 295-unit The Royalton at Rockwall Downes in Rockwall, TX; and the 300-unit The Royalton at Sunfield in Buda, TX.

The Dallas-Fort Worth area properties were purchased by Lightbulb Capital Group, the family office of Jay Schuminsky, and the Austin-area property was purchased by Brixton Capital.

“It’s apparent that there is still a very aggressive appetite for new multifamily properties in the Dallas and Austin markets, as there was a large amount of interest in the sale of these properties,” states Stuart Smith, COO of SWBC Real Estate. “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 multifamily sector in well-located areas throughout Texas has remained strong at this time.”

“This was a special opportunity to scale our DFW multi-family footprint with four best-in-class properties in highly desired markets,” says Jay Schuminsky of Lightbulb Capital Group.

Marcus & Millichap’s Institutional Property Advisors handled the transaction on behalf of SWBC Real Estate. The IPA team included Joey Tumminello, Will Balthrope, Jordan Featherston, Michael Ware, Taylor Hill, Kent Myers, Asher Hall, Grant Raymond, Jeffrey Kindorf and Drew Kile.

“Our statewide team worked seamlessly together to deliver the utmost results for our client, producing two top buyers in Dallas-Fort Worth and Austin, TX,” says Kile. “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.”

SWBC Real Estate recently commenced construction on the Royalton at Creeks of Legacy in Celina, TX, which is included as part of the recently raised SWBC Real Estate Fund.

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