ShainRealty Capital has acquired the 256-unit Landmark at Courtyard Villas in Mesquite, Texas. The company plans to rename the property “Infinity at Sunnyvale” and begin a $3 million upgrade and renovation program. This is ShainRealty’s fifth acquisition in Dallas over the past two years, bringing their total portfolio up to 1,500 units.
The Dallas Business Journal reports that Wes Racht of Marcus & Millichap brokered the sale transaction with an existing loan being assumed by ShainRealty as part of this deal. Dwight Capital originated a $25 million HUD Loan for this purchase which carries an interest rate of 2.83% until maturity on May 15th 2053; Tim Carey was listed as previous owner prior to this acquisition by ShainRealty Capital
