ShainRealty Capital expanded its footprint in Dallas with the acquisition of Yorktown Luxury Apartments, a 226-unit property built in 2016, for $39.5 million, or $174,779 per unit, from Chicago-based Nuveen Real Estate. Arbor Realty Trust procured $27.7 million in financing with a five-year interest-only commercial mortgage-based securities loan penciled to a 70% loan-to-value at a 5.88% fixed rate.
Multifamily Dive reports ShainRealty will implement an affordable housing tax credit on the property and rebrand it as Infinity on Yorktown. The asset has 10-foot ceilings, a resort-style pool, a 24-hour fitness center, covered parking, a billiards room, garage parking, a clubhouse and outdoor grills.
Yorktown Luxury Apartments is situated next to a corridor offering 50,000 square feet of retail and restaurant space. “The acquisition presents an excellent opportunity for ShainRealty to gain scale in a depressed market, where prices have come down dramatically,” Jonathan Shainberg, managing partner of ShainRealty Capital.
