A multi-family complex with 226 units, located at 660 Yorktown Street in Dallas, has recently been sold by Nuveen Real Estate to ShainRealty Capital. The property was built in 2016 and is situated near the desirable neighborhood of Kessler Park.
The sale price for this property was $39.5 million, which equates to $174,779 per unit. As part of their plans for the property, ShainRealty Capital intends to implement an affordable housing tax credit and rebrand it as “Infinity on Yorktown.”
Jared Stein from Arbor Realty Trust secured a financing package worth $27.6 million for this transaction. This includes a five-year interest-only CMBS loan with a locked-in fixed rate of 5.88% and a loan-to-value ratio (LTV) set at 70%.
The newly named Infinity on Yorktown boasts luxurious amenities such as a pool, fitness center open around the clock, covered parking options including garage spaces available for rent or purchase , billiards room , clubhouse access , outdoor grills . Additionally included is an advanced Tech Package featuring remote access door locks as well as thermostat and water leak sensors.
Berkadia’s Eric Calub,Caleb Jones,and Paul Harris facilitated the sale process between all parties involved.
This marks ShainRealty Capital’s sixth acquisition within Dallas over just three years’ time – solidifying their presence within this thriving market.
This article originally appeared on Connect CRE.
