Phillips Realty completes Class A apartment building acquisition on behalf of family office client
A family office client of Phillips Realty Capital (PRC), operating as The Generic Management, has partnered with CAF Capital Partners to jointly purchase a five-story, 459-unit Class A apartment building in Plano, Texas.
The acquisition was financed by a combination of 1031 exchange proceeds from a data centre land sale in June and a USD63,247,000 Freddie Mac loan.
The data centre land disposition and joint venture apartment acquisition were advised by a team at Phillips Realty Capital led by Adam Bieber and
William Lawson. The team also structured and sourced the agency debt financing.
Evoke is located at 1025 Preston Road in Plano, offering studio, one-, two- and three-bedroom units with superb finishes and desired amenities such as a hammock courtyard, indoor/outdoor lounge, state of the art TechnoGym and spin studio, catering kitchen, car wash station, 24-hour emergency maintenance, dog park and spa, and a resort-style swimming pool with a rain curtain.
With easy access to The President George Bush Turnpike and the Dallas North Tollway, residents are minutes from Legacy Center, CityLine, Addison, and DFW Airport, which are some of the largest employment centres in North Texas.
“Timing was all the more critical given the impact the Covid-19 pandemic was having on the investment sales market,” says Bieber. “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. Evoke proved to be the ideal investment, especially with an expert operator like CAF.”
James Napper, President of The Generic Management, says: “The Phillips team was able to execute a complex strategy that helped us unlock the value of a previously idle asset. They served not just as our mortgage banker, but as trusted business strategy advisors. We are equally excited about our new partnership with CAF at Evoke, and given the synergy, we believe it is the start of a long-term investing partnership.”
Chris Faulkner, CEO of CAF Capital Partners, says: “We’re excited to partner with The Generic Management on this venture. Their entrepreneurial approach to real estate investing is a great fit for our team and this property is a great fit for our portfolio.”