A luxury apartment tower with upscale amenities within the Grandscape master-planned development in a northern Dallas suburb sold to a New York City investor in a deal described by brokers as "the most significant multifamily transaction" of last year.
The 14-story, 346-unit apartment tower, called Live Grandscape, at 5750 Grandscape Blvd. in The Colony, a northern suburb about 28 miles from downtown Dallas, was acquired last June by New York City-based Beachwold Residential for an undisclosed sum from a development partnership between Lanoha Development and Berkshire Hathaway, the property owner behind Grandscape. The apartments were built in 2022. The deal added to Beachwold Residential's growing Texas portfolio. In total, the firm owns more than 16,000 apartment units in Connecticut, New Jersey, Virginia, Georgia, Florida, Texas and Tennessee.
This deal was selected by a panel of local industry professionals as the winner of the 2024 CoStar Impact Award for sale of the year for Dallas-Fort Worth.
About the Deal: A Northmarq team was hired by the development partnership to secure a buyer seeking to step into early stage lease-up and purchase a leasehold interest during a turbulent capital market, said brokers working the deal. Both buyer and seller worked together to execute a deal considered to be one of the most complex transactions of his career, said Taylor Snoddy, a longtime investment broker in Dallas-Fort Worth.
What the Judges Said: The high-quality housing this apartment tower brings to the mixed-use development Grandscape, adding to the diversity of land use in this area, made it a top deal, said Walter Bialas, senior insight analyst at Avison Young.
They Made It Happen: Taylor Snoddy, Eric Stockley, Charles Hubbard, Lauren Bresky and Jason Kinnison of Northmarq represented the seller.