$33M Suburban Sale Seeds 264-Unit TIC Play

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PLANO, TX-Trammell Crow Residential has cleared an eight-year hold from its books, getting $33 million from SCI Investments for the 264-unit Reserve at Charles Place. Within three weeks, SCI had sold out the tenant-in-common stakes to 22 investors with the average buy-in pushing roughly $450,000.

The 28-building development, spanning 16.3 acres at 4701 Charles Place in West Plano, was acquired with a 10-year, interest-only loan at a 6% fixed rate from Wachovia Bank, Scott Derrick, chief acquisition officer for the Los Angeles-based SCI, tells GlobeSt.com. “We weren’t the highest offer, but we had done business before with the seller,” he says. “Trammell Crow Residential understands our certainty of execution. We were in second place, but they told us they knew we would get the deal done.”