Calvera Partners scoops North Dallas apartments “at steep discount”

S2 Capital buys apartments in Austin; Narrow Road Group buys in South Congress area

Calvera Partners Buys Dallas Apartments at “Steep Discount”
Calvera Partners' Brian Chuck, S2 Capital's Scott Everett and Narrow Road Group's Anthony Clarke (Calvera Partners, S2 Capital, LinkedIn)

Despite a recent slowdown in lending and starts, some multifamily investment sales and development deals are still getting across the finish line in Texas.

A San Francisco-based multifamily investment firm has purchased its second property in Dallas-Fort Worth.

Calvera Partners bought the 152-unit 27TwentySeven, at 2727 Kings Road in North Dallas. The price wasn’t disclosed, but the property is appraised at $30.6 million, according to the Dallas Central Appraisal District. The seller wasn’t identified, but Marc Nourafchan signed the deed as a manager for the ownership LLC, which has an address at 9454 Wilshire Boulevard, in Beverly Hills, California. That building is owned by an LLC controlled by the Nourafchan family.

The property, developed around 2018, is near the Medical District and Dallas Love Field Airport.

Calvera managing principal Brian Chuck called Dallas “a core growth market.”

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“With values that are down 20 to 30 percent from peak levels, and transaction volume muted, we are pleased to acquire a well-located, quality asset at a steep pricing discount,” he said.

Dallas-based S2 Capital has purchased apartment complexes in Jacksonville, Florida, and Austin. In Austin, the firm bought the 202-unit Vineyard Hills, at 7631 U.S. Highway 290, in Southwest Austin. The seller, which wasn’t identified and has a San Antonio mailing address, had held the property since 1998. In Jacksonville, S2 bought the 104-unit Belle Rive Club Apartments at 8715 Belle Rive Boulevard. The prices weren’t disclosed.

An affiliate of Narrow Road Group purchased a 68-unit “value-add” apartment complex south of downtown Austin. The local firm bought South Congress Commons, at 126 West Alpine Road. The seller was New York-based Firm Capital, a boutique real estate capital bank. The property was previously owned by the Lone Star Housing and Community Development Corporation, according to public records. Chase Easley of Newmark was retained by Firm Capital to market the property. Anthony Tarter of Newmark’s Debt, Equity & Structured Finance group helped arrange financing on behalf of the buyer.

Nashville-based Southern Land Company is moving forward with its mixed-use tower, which includes 330 apartments, at 2811 Kirby Drive in Houston. The 37-story tower will have a 15,000-square-foot restaurant on the ground floor. The project, estimated to cost $171 million, will also include an 83,000-square-foot office building rising four stories above a parking garage, according to a filing with the state of Texas.

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