Los Angeles real estate investment firm ShainRealty moved further into Texas recently, closing on a multifamily purchase that the company announced this week.
ShainRealty paid $51 million for the property. The seller was Alpha-Barnes, a Dallas-based property management firm that specializes in multifamily and affordable housing. The apartment complex at 8997 Vantage Point Drive is in the Northwood Heights neighborhood, near the Texas Instruments headquarters in the Lake Highlands area of Dallas. ShainRealty will put $1.8 million into renovating the property. It’s currently called LBJ Station and will be rebranded as Infinity on the Point.
Chris Deuillet, senior vice president at Dallas-based CBRE, brokered the transaction. Miami’s Rialto Capital made the bridge loan of $42 million over five years.
The complex is ShainRealty’s second purchase in the area. Last year, it bought Reflections at Highpoint, now rebranded Infinity on the Mark. That complex is just down the block, less than half a mile from LBJ Station/Infinity at the Point.
The most recently purchased property was built in 2017 and has 249 units that average 767 square feet in size. ShainRealty said it paid $204,819 per unit and $267 per square foot. Current average rents from the property are 30 percent below market.
“We had our eye on this asset ever since we had purchased our first property in Dallas,” ShainRealty managing partner Jonathan Shainberg said. The purchase helps the company achieve economies of scale, he said, and ShainRealty plans on making capital expenditures to enhance the asset’s value.
The company plans to continue its growth in the Dallas-Fort Worth multifamily market.
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