Crescent Real Estate buys Florida apartment property – Dallas Business Journal

Crescent Real Estate LLC, led by local real estate titan John Goff, has expanded its residential portfolio.

Using money from its GP Invitation Fund I, Crescent purchased Edgewater Crossing, a 266-unit multifamily property in Panama City Beach, Florida, as well as 6.5 acres adjacent to the complex.

Financial terms of the deal were not disclosed.

Edgewater was built in 2014 and is adjacent to Hombre Golf Club, which has hosted PGA golf events.

“Edgewater Crossing is an attractive property with good upside growth in the Panama City Beach market,” Rob Mackenzie, a senior vice president at Crescent, said in a prepared statement. “The Florida coastal community population growth has outpaced the national average. We are projecting that above-average population growth will drive better than average job growth and ultimately rent growth in the market.”

Crescent has also used its GP Invitation Fund I to purchase the Chroma Apartments in San Antonio and the Grand Mason multifamily property in Richmond, Texas.

Office

Irving-based investor Par Capital – 122 West LLC has purchased the 200,000-square-foot 122 W. John Carpenter Freeway building in Las Colinas. As reported by the Dallas Morning News, the property was previously owned by a New York property firm, which acquired it in 2014. The building has undergone $5 million in upgrades since it was built in 1982 and currently housing tenants like Enterprise Financial Group, AmeriHome Mortgage and Blue Ridge Mountain Resources. Holliday Fenoglio Fowler LP brokered the transaction.Real estate developer Westwood Group Development No. II LP sold its building at 1058 Texan Trail in Grapevine to financial services firm JPA Capital LLC. The structure spans 7,800 square feet. Kenneth Winderly with KW Net Lease Advisors represented the seller, while Hanes Chatham and Tyler Maner with Stream Realty Partners represented the buyer.B.H. Management Inc. purchased a 122,300-square-foot, 2-story office building at 1410 E. Renner Road in Richardson. The seller was CIP II Renner LLC, an affiliate of Champion Partners in Dallas. Jamie Jennings, James Mantzuranis, Andrew Rabinovich and Tim Terrell with Stream represented CIP.

Industrial

PGM of Texas, which specializes in recycling automotive parts, has leased 24,450 square feet of space at GSW Industrial Park, 630 Ave. K in Grand Prairie. Luke Davis and Sarah Ozanne with Stream represented the landlord, DRA Advisors.Heritage Business Park, located at 1080 Kimball Ave. in Southlake, has a new tenant, with HVAC company Lennox Industries Inc. leasing 11,180 square feet. Blake Kendrick, Ryan Boozer and Sarah Ozanne with Stream represented the landlord, Prologis. Andy Anderson with Commercial Real Estate Services Inc. represented the tenant.

Residential

Through an entity in which it has a 50-percent equity stake, BRT Apartments Corp. (NYSE: BRT) has acquired Landings of Carrier Parkway for $30.8 million. Great Neck, New York-based BRT said it was attracted to the 281-unit apartment complex at 915 Desco Lane in Grand Prairie due to its equidistance to both Dallas and Fort Worth.

Largest North Texas Commercial Property Managers

Ranked by Total Local Commercial Square Feet Managed

Rank Business Name Total Local Commercial Square Feet Managed 1 CBRE 57.8 million 2 JLL 53.5 million 3 Stream Realty Partners 43.8 million View This List

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