DALLAS, TX – Sentinel Real Estate Corporation announced that it has bought Third Rail Lofts, a 164-unit apartment community located in Downtown Dallas. The transaction provides the opportunity to buy an institutional-scale asset in a high growth, urban location at a significant discount to replacement cost. Immediately upon acquisition, Sentinel is rebranding the community as Main 3 Downtown.
Consisting of three adjoining buildings – The Flats, The Landmark and The Tower – Main 3 Downtown comprises 164 studio, one- and two-bedroom apartments and three retail spaces. The luxury loft-style residences feature an impressive selection of finishes including stainless steel appliances, walk-in closets, custom cabinetry and granite countertops; but, they were last updated in 2008. Sentinel expects to realize additional value through the execution of a capital improvement program that calls for the modernization of all 164 units. Each building s lobby will be updated to increase consistency in design and branding across the community. The firm also intends to renovate the amenities, which include a two-lane bowling alley, a billiards room, a small movie theater and a wine tasting room, as well as a pool deck and terrace with a salt-water pool, an outdoor bar with a grilling area, a fire pit, an outdoor movie theater and a private dog walk.
Main 3 Downtown is located in Dallas, which has experienced tremendous growth over the past decade and is now the fourth most populous MSA in the United States. The Downtown submarket in particular has seen more than $7 billion in public and private investment since 2000, leading the area to be recognized as a premier live/work/play neighborhood. The property is situated on Main Street in the center of the Dallas Central Business District, and is within walking distance of employers, retail, restaurants museums and the Dallas Area Rapid Transit (DART) light-rail station. In addition to being home to major corporations such as AT&T, Goldman Sachs and Neiman Marcus Group, the Central Business District is the largest employment center in North Texas with more than 135,000 daytime workers, providing a robust built-in demand driver for rental housing in the area.
The Dallas economy benefits from a diverse employment base and low cost of living as compared to coastal cities, both of which support strong in-migration trends, said Michael Streicker, President of Sentinel. The Downtown area has experienced tremendous growth, and the recently completed AT&T Discovery District and the repositioning of The National on Elm Street have brought renewed vibrancy and livability to the Central Business District. We look forward to implementing a value-enhancing investment program at Main 3 Downtown to update the unit interiors and improve the quality of the amenities for the residents of Dallas.

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COLUMBUS, OH – CREC Real Estate, a private equity real estate investment firm, announced that it closed its second real estate fund, CREC Real Estate Fund II L.P., with $80 million in investor commitments.
CREC Real Estate Fund II L.P has a value-add focus within multi-family real estate investment. CREC’s investors include institutions, family offices and high net worth investors.
As the fund manager, CREC is focused on acquiring value-add multifamily properties in dynamic and quick-growing secondary markets throughout the U.S. CREC targets properties where job and population growth have led to an undersupply of housing. The fund will continue to pursue a value-add investment thesis, increasing asset values through management efficiencies, unit interior renovations, remediation of deferred maintenance, and improvements to the amenity package. With CREC’s approach, the end result is an improved apartment community with the interior finishes and amenities that modern renters desire.
Aaron Dixon, President of CREC, said, “CREC is delighted by the reaction from our loyal base of investors. We have attracted the support of many sophisticated investors who believe in our team, have conviction in the investment strategy, and who appreciate the operational excellence of our experienced professionals. We will continue to exercise discipline every day to source the highest quality multi-family real estate for our fund investors and bring each asset to its fullest potential.”
CREC’s Founder and Chairman, Jeff Coopersmith, commented, “As we closed our 54th real estate investment during our 20th year as a sponsor, I appreciate the confidence and continued investment of our limited partners. After these past two years of significant challenges across the economy, I believe we will continue to find significant opportunities for CREC to source additional investments and improve the value of those assets through value-add renovations coupled with sophisticated property management.”
The fund has invested in value-add multifamily acquisitions in the following MSAs: Tucson, AZ; Atlanta, GA; Cincinnati, OH; Hilton Head Island, SC; Charlotte, NC; Seattle, WA; and Phoenix, AZ. Two additional acquisitions are in contract in Dallas, TX and Charleston, SC. CREC anticipates making four additional acquisitions throughout 2022.

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SAN DIEGO, CA – Titan Development, Malick Infill Development and Thornburg Real Estate Ventures announced that they have formed a joint venture and broken ground on 4250 Oregon, a 53,805-square-foot, Class-A multifamily project in San Diego, California. The property is Titan’s first investment in California.
This six-tale, 94‐unit boutique residential community will be located at the southwest corner of El Cajon Boulevard and Oregon Street in North Park, one of San Diego’s trendiest neighborhoods. The property is adjacent to the iconic North Park Water Tower and Community Park which has sporting facilities including tennis courts, soccer fields, a softball field, basketball courts, and picnic areas. The project is also within walking distance to vibrant restaurants, bars, breweries, farmers’ markets, and coffee shops. The location has an enviable Walk Score of 94 and a Bike Score of 80; nearby dedicated bike lanes and the Bus Rapid Transit (BRT) lines connect residents to Downtown San Diego and San Diego State University, while San Diego International Airport is just an 11-minute drive from the site. The development will feature communal gathering spaces on the top floor, which offers sweeping views of the city and the Laguna Mountain range.
Ben Spencer, Partner and a Principal of Fund Management at Titan, said, “We are thrilled about our expansion to San Diego, a city that has long been an attractive and competitive real estate market particularly as work-from-home flexibility has risen nationally, and more and more people have chosen to relocate to this appealing city.” Kurt Browning, Partner at Titan, added, “North Park is an brilliant location for our first multifamily investment in California. We are excited to be partnering with the talented designers and developers at Malick in San Diego and with the innovative real estate investment team at Thornburg.”
“North Park is where I live and work,” said Andrew Malick, Founder and Principal of Malick Infill Development. “I am proud to be developing another project in my neighborhood and can’t wait to open the doors and meet my new neighbors.”
“Malick and Titan have proven track records of owning and developing successful real estate projects similar to 4250 Oregon,” said David Bennett, Director of Real Estate at Thornburg. “Their partnership on this attractive and high-quality development in the competitive San Diego market allows us to continue adding to a diversified mix of real estate investment opportunities for our investors.”

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