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SWBC Real Estate Sells Five-Property Multifamily Portfolio in Texas for $350M

SWBC Real Estate Sells Five-Property Multifamily Portfolio in Texas for $350M #SWBC #Real #Estate #Sells #FiveProperty #Multifamily #Portfolio #Texas #350M Welcome to Lopoid

Pictured is The Royalton at Grand Prairie in Grand Prairie, Texas. The property features 300 units.

TEXAS — SWBC Real Estate LLC has sold a five-property multifamily portfolio totaling 1,437 units in Texas for $350 million. The communities include: The Royalton at Grand Prairie in Grand Prairie; Central Park at Craig Ranch and The Royalton at Craig Ranch in McKinney; The Royalton at Rockwall Downes in Rockwall; and The Royalton at Sunfield in Buda.

Lightbulb Capital Group, the family office of developer and investor Jay Schuminsky, acquired the properties in the Dallas-Fort Worth metroplex, including those in Grand Prairie, McKinney and Rockwall. Brixton Capital purchased the community in Buda, which is a southern suburb of Austin. Both buyers are based in California.

“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,” says Stuart Smith, COO of SWBC. “The recent uptick in interest rates is 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.”

Joey Tumminello, Will Balthrope and Drew Kile of Marcus & Millichap’s Institutional Property Advisors led the team of brokers that represented SWBC in the transaction.

“Handling the sale of five new-construction assets in different markets came down to finding the right buyers looking to expand their footprints in best-in-class, suburban core product,” says Kile.

Dallas-based multifamily developer SWBC Real Estate has several more projects in the planning stage and recently began construction on its latest development in Celina, a northern suburb of Dallas. SWBC Real Estate’s parent company is SWBC Enterprises Ltd., a diversified financial services company providing a wide range of insurance, mortgage and investment services.

— Kristin Hiller

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