arthouse.jpg

Arthouse Condos

29 Condos in So7 District in Fort Worth

Date Acquired/Sold: December 2010/last sale June 2013

Redevelopment Summary: The 29-unit inventory of Arthouse Condos in So7, an upscale neighborhood near the Cultural District, was acquired from the lender shortly after foreclosure. The investment required assuming responsibility for holdover construction issues at the 65-unit project, and temporary control of the condo association with the cooperation of 36 existing owners. Model units were readied for marketing and exterior repairs completed with a $250,000 investment. After executing our repositioning strategy and fresh marketing plan, the last of the units was sold in June 2013.

Grapevine I & II

3500 William D. Tate, Grapevine

Total SF: 58,860 SF

Date Acquired/Sold: August 2011/August 2012, March 2014

Investment Summary: The two-building asset has been reintroduced to the market as a multi-tenant opportunity at an irreplaceable location. The property was strategically positioned close to the intersection of Texas 121 and 114 and Dallas/Fort Worth International Airport. SPP executed a repositioning strategy, updating the project’s exterior (awnings, paint, landscaping) and leased the project to 100% occupancy prior to selling.

1401 Ervay

1401 S. Ervay, Dallas, Texas

Total SF: 56,880 SF

Property Type: Office/Warehouse/Multifamily

Date Acquired/Sold: October 2013 – October 2014

Investment Summary: This historic 5-story building in downtown Dallas was originally built in 1903 as a candy manufacturing plant. Over the building’s lifetime it was owned by an ice cream cone producer, by Keebler, and eventually Skywalker purchased it from the family of an NBA star with the intent to convert the project into a multifamily project. Upon acquisition the building was completely vacant and dilapidated, failing to meet health and safety standards. Prior to beginning construction Skywalker sold the project to a redevelopment company, creating an attractive short-term gain without taking on the redevelopment risk. Currently 1401 Ervay is being redeveloped into upscale loft apartments.

Westpark Centre

150 Westpark Way, Euless

Total SF: 75,377 SF

Date Acquired: May 2008

Investment Summary: SkyWalker Property Partners seized the value-add acquisition opportunity that the three-story building presented, immediately addressing deferred maintenance by replacing the roof and HVAC system. Occupancy dipped below 50% shortly after acquisition, but the asset regained its footing in 2010 with a GSA lease for 1 ½ floors.

255 N. Center Street | Suite 200 | Arlington, TX 76011 | 817.226.5000