Dealmaker: Phillips Realty Capital Secures $63M for Texas Multifamily

Phillips Realty Capital, Bethesda, Md., secured $63.2 million for a Class A Plano, Texas multifamily property.

A PRC client operating as Generic Management, New Orleans, partnered with CAF Capital Partners, Frisco, Texas, to jointly purchase a five-story apartment building. The Dallas Morning News reported Alliance Residential Co., Phoenix, sold the 459-unit asset.

Evoke Apartments

The venture financed the acquisition with 1031 exchange proceeds from a June data center land sale and a $63.2 million loan from Freddie Mac, McLean, Va.

A team led by PRC Managing Director Adam Bieber and Director William Lawson advised on both the data center land disposition and the apartment acquisition. The team also structured and sourced the agency debt financing.

The apartment asset, Evoke, is located at 1025 Preston Road and has studio, one-, two- and three-bedroom units and a hammock courtyard, catering kitchen and resort-style swimming pool with a rain curtain. With access to the President George Bush Turnpike and the Dallas North Tollway, Evoke residents have access to Legacy Center, CityLine and Dallas-Fort Worth International Airport. “Timing was all the more critical given the impact the COVID-19 pandemic was having on the investment sales market,” said Bieber explained. “Not only were we tasked to find a project that fit the investment parameters of the family, but we were as focused to find a partner that has the infrastructure experience, and platform to mesh with the family’s long-term investment goals.”