December 14, 2017 (San Antonio, TX)
— SWBC Real Estate, LLC, is pleased to announce it recently sold two of its Texas properties, River Walk Village and Timberview Ranch, for a combined sales price of $100 Million. Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), handled both sales for SWBC Real Estate.
River Walk Village is a 358-unit Class A property in Flower Mound, Texas. Timberview Ranch is a new 304-unit Class A property located in Grand Prairie, Texas. SWBC Real Estate developed the properties, with construction completed in 2016 and 2017, respectively.
Weinstein Properties, a Virginia-based family office, purchased both properties. Weinstein Properties currently owns and manages more than 17,000 multi-family units in Virginia, North Carolina, and Texas. Weinstein Properties has rebranded River Walk Village to Bexley River Walk and Timberview Ranch is now known as Bexley Mansfield.
“The transaction for this sale went very quickly and smoothly,” said Stuart P. Smith, Senior Vice President of SWBC Real Estate, LLC. “Weinstein Properties was very professional and a pleasure to work with throughout the sales process.”
“We are newcomers to the Dallas-Fort Worth market and are delighted to start building our portfolio in this market with these two assets,” said Ivan Jecklin, Co-President and General Counsel of Weinstein Properties. “This transaction went very smoothly, thanks to the folks at SWBC Real Estate and IPA. We look forward to continuing to build our portfolio in Dallas-Fort Worth and would be pleased to work with SWBC Real Estate again.”
The sale of both properties was brokered through Will Balthrope, Drew Kile, and Joey Tumminello of IPA.
“The Flower Mound and Mansfield submarkets are two of the strongest in the Dallas/Fort Worth market and high on the list for active buyers,” says Will Balthrope, Executive Director of IPA.
“This was an opportunity to bring a great buyer and family office to the table for a great developer client who built two highly sought-after assets,” adds Drew Kile, Senior Director of IPA. “We worked closely with SWBC Real Estate for several months prior to marketing, to best position the asset for a smooth sale.”
About SWBC Real Estate
SWBC Real Estate, LLC (www.swbcrealestate.com) is owned by SWBC Enterprises, Ltd. SWBC Real Estate is managed by an experienced team of real estate professionals located in Dallas, Texas, with a primary focus in multi-family development. SWBC Enterprises, Ltd. is owned by Charlie Amato and Gary Dudley, co-founders of SWBC. SWBC is a diversified financial services company providing a wide range of insurance, mortgage, and investment services to financial institutions, businesses, and individuals. With offices across the country, SWBC is committed to providing quality products, outstanding service, and customized solutions in all 50 states. For more information, visit www.swbc.com.
About Institutional Property Advisors
With a network of senior-level investment advisors located throughout the United States, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services, and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios.