900-Plus Units Hit Texas Markets

DALLAS-Special servicers handling class B multifamily properties in north and central Texas are ready to sell, and are calling for offers by the end of September. In play is the 343-unit Serendipity in Dallas; while in San Antonio, the 360-unit Grove Park Apartments and the 216-unit Timberock are on the block.

Transwestern’s Mark Freeman, who is working with colleagues Taylor Snoddy and Philip Weigand on marketing Serendipity, tells GlobeSt.com that the asset underwent a complete renovation in 2007, which included the addition of a clubhouse. Unfortunately, he continues, the recession hit, the owner became overextended, and foreclosure resulted.

The occupancy of the complex on 8780 Park Lane is 80%, making for a nice value-add component. Another value-add is “consistent management and bringing back rents to the level they were in 2007, post-renovation,” notes Freeman, who works with his team out of the Dallas office. He adds that interest, so far, is coming from local owners/operators, especially those who are familiar with the submarket.

Meanwhile, approximately 350 miles south on Interstate 35, Grove Park Apartments at 2566 Goliad Rd. and Timberock at 7220 Marbach Rd. are coming to market via separate special servicers. Jeff Rogers, who operates out of Transwestern’s Austin office, says ideal buyers for these complexes are investment companies and single investors specializing in turnaround multifamily projects. The special servicers did a good job of stabilizing the assets -- Timberock, he says, went from 50% to 88% occupancy in about 10 months.

Meanwhile, Grove Park Apartments is 72% occupied. “The special servicer has been doing some good things to the property, and occupancy will increase under new ownership,” comments Rogers, who is partnering with Chris Stutzman in Transwestern’s Austin office and Alan Grilliette in the company’s San Antonio office to market the assets.

Other Deals

LAVEEN, AZ-The 10,145-square-foot KinderCare has sold to a limited liability company for $3 million. The stand-alone facility at 7755 S. 51^st Ave. has a single net lease with KinderCare’s parent company Knowledge Learning Corp. Jamie Medress and Mark Ruble with Marcus & Millichap Real Estate Investment Services’ Phoenix office represented the seller. The buyer was secured by Mark Thiel with Marcus & Millichap’s San Diego office.

LITCHFIELD PARK, AZ-Pyramid Resort Group has been selected to manage the 331-room Wigwam, a designated “Historic Hotel of America.” The property sits on more than 400 acres and offers 54 holes of championship golf, swimming pools, an Elizabeth Arden spa and 43,000 square feet of indoor/outdoor event space. Built in the 1930, the Wigwam underwent a $7 million renovation.

OKLAHOMA CITY-First Financial Network Inc. launched its customized Loan Sale Network, which was developed to help financial institutions and investors in marketing and acquiring large portfolios or individual loans.  The platform is set up in such a way that any number of loans can be sold in any combination or as a one-off trade. “Banks are looking for alternative disposition strategies suited for their particular situation in the sale of loans,” said First Financial Network founder and CEO Bliss Morris in a press release. “The Loan Sale Network automates and coordinates the seamless flow of information and execution of processes that we have developed in the traditional marketplace over the past 20 years.” Additionally, FFN has opened a New York City corporate office at 415 Madison Ave., which is being headed by Stephen D. Quinn.

TEMPE, AZ-Healthcare and pharmaceutical manufacturer MedPlast Tempe Inc. has renewed its 49,000 square-foot headquarters space at 405 W. Geneva Dr. The long-term lease is valued at more than $2.5 million. Transwestern’s Jodi Bailey represented owner RREEFF America LLC, while MedPlast was self-represented.

Executive Moves

DALLAS-David Zoller has been promoted to vice president of the Weitzman Group’s commercial real estate division. Zoller is focused on investment sales and retail project leasing, as well as tenant representation for a select group of retailers, in the Dallas-Fort Worth area. Zoller is a member of International Council of Shopping Centers and the North Texas Commercial Association of Realtors. He serves on the board of Akiba Academy of Dallas. He also is a board member of the Community Kollel of Dallas.

JACKSON, MS-Steven G. Rogers has resigned as president, CEO and director of Parkway Properties Inc., effective Dec. 31. Current executive chairman James R. Heistand will become acting CEO as of Jan. 1, 2012.