Bethesda, MD, August 18, 2020 –
Phillips Realty Capital (PRC) is pleased to announce that a family office client operating as The Generic Management partnered with CAF Capital Partners to jointly purchase a five-story, 459-unit Class A apartment building in Plano, TX. The acquisition was financed by a combination of 1031 exchange proceeds from a data center land sale in June and a $63,247,000 Freddie Mac loan.
The data center 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 centers in North Texas.
“Timing was all the more critical given the impact the COVID-19 pandemic was having on the investment sales market,” Bieber explained. “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 said, “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.”
“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,” said Chris Faulkner, CEO of CAF Capital Partners.
About The Generic Management
The Generic Management is a private single family office.
About CAF Capital Partners
CAF Capital Partners is a Dallas based private equity real estate firm, specializing in the acquisition, redevelopment, re-positioning and subsequent sale of institutional quality multifamily real estate. Our track record includes closing over $4 billion in apartment properties and asset managing over 26,000 multifamily units in Texas, and across the Southwest United States. Our team consists of highly respected, seasoned, real estate and business executives, supported by strong industry professionals and market experts with institutional backgrounds. For more information, visit cafcapital.com.