BETHESDA, MD – Walker & Dunlop, Inc. announced that its investment sales group, Walker & Dunlop Investment Sales, completed the sale of six multifamily communities in Denton, Texas. Located in a northern suburb of Dallas-Fort Worth, the portfolio comprises Locust 210 Lofts, Victoria Heights, Victoria Station, Victoria Village, The Adagio, and Locust Street Terrace Apartments.
Totaling 325 units and more than 18,000 square feet of commercial space, the portfolio represented an brilliant opportunity to invest in the high barrier-to-entry Denton submarket, which is experiencing significant in-migration. The well loved downtown city-center location positions each property to experience substantial organic rent growth through lease-over-lease gains.
The Walker & Dunlop Investment Sales team was led by Managing Director and middle-market expert, Kyle Palmer. Based in Atlanta, Georgia, the team effectively facilitated the transaction and served as advisor to both the sellers and buyer of the properties. All parties were local, private-equity investors. The acquisitions expand the buyer’s existing Texasportfolio, which includes Madison Park, Wyndham Pointe, and Oasis Springs.
Following the sale, Mr. Palmer partnered with Jeremy Nussbaum, a Senior Director in Walker & Dunlop’s Capital Markets group, to source a streamlined bridge financing solution for the buyer through a national debt fund. The loan terms included an attractive rate of 4.14 percent, interest-only for three years, and a loan to value of 80 percent.
Each of the Class A, mid-rise properties were built between 2009 and 2014 and were 94 percent leased at the time of sale. The classic unit interiors were highly accretive to the future yield profile, offering a double-digit Year-1 return. The buyer intends to invest $3.2 million toward interior renovations and exterior capital improvements to enhance the overall, live-work-play, experience for the tenants.

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CHARLOTTE, NC – Akridge has partnered with KETTLER to buy a 2.5-acre parcel of land at the corner of Dunavant and Distribution in South End. The acquisition marks the first multifamily project in North Carolina for Akridge, who is also currently developing One Montford Park and recently opened an office in South End. Dunavant and Distribution also marks the expansion of KETTLER’s portfolio into Charlotte. Akridge and KETTLER are both keen to expand their presence in Charlotte’s burgeoning market.
“Akridge is proud to partner with KETTLER on this opportunity,” said Duncan Jones, Vice President, Acquisitions for Akridge. “Our leadership team has decades-long friendships with KETTLER’s and we respect their dedication to building productive and lasting relationships with their Residents. Our companies have fantastic natural synergy and our combined expertise will ensure the creation of an exceptional project.”
“In partnership with our friends at Akridge, KETTLER is committed to enhancing the South End submarket in Charlotte with the addition of this new multifamily development,” said Luke Davis, Executive Vice President, Investments for KETTLER. “Together, our teams are uniquely positioned with a depth of experience delivering thoughtful projects in an urban environment. We intend to design and deliver the project in a way that complements the already vibrant surrounding neighborhood and look forward to expanding our footprint within North Carolina in collaboration with Akridge.”
Dunavant and Distribution is located at 2306 Dunavant Street in Charlotte’s thriving South End. The 400-unit, 400,000-square-foot property aspires to redefine Charlotte’s luxury multifamily standard. It will offer Residents proximity to vibrant retail, restaurants, and grocery, with simple access to both the light rail and the Charlotte Rail Trail. Dunavant and Distribution will boast views of uptown and is within a small distance of multiple major employers. The property will feature a large central courtyard, well-appointed finishes, and a suite of luxury amenities. Akridge and KETTLER anticipate delivering the community in the summer of 2023.
Rob Cochran, Jared Londry, and Nolan Ashton of Cushman & Wakefield represented the seller.

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ST LOUIS, MO – Mission Rock Residential, a Denver-based multifamily property management company, is further expanding its Missouri presence, announced a new management contract for the Soulard Icehouse and Steelyard Apartments in St. Louis. Now operating jointly as Steelyard Apartments, the company has been issued an agreement for the management of the community by new owner Hamilton Zanze.
“By combining these two apartment communities under one consistent name, Mission Rock hopes to establish cohesiveness and a strong sense of community with its residents between the two buildings. The impressive amenities and historic roots make us confident that current and future residents will continue to experience tremendous benefits in this already-desirable neighborhood in St. Louis,” said Patricia Hutchison, President of Mission Rock Residential.
The Soulard Icehouse Apartments were renovated within the 1924 vintage historic shell of a former ice warehouse in the industrial neighborhood. These loft-style apartments were opened to community acclaim in 2016. Adjacent to that site, developers then built a new 5-tale apartment building alongside a structured parking garage, Steelyard Apartments opened in 2019, to serve both communities.
The 170 apartments feature numerous high-tech amenities such as Nest thermostats, keyless entry locks, and package delivery lockers. Shared community amenities include a rooftop deck, a saltwater pool with sun deck, a pet park and spa, a karaoke lounge, an outdoor grilling deck with multiple grills, and a business center. Two state-of-the-art fitness centers are also included. Located in close proximity to the Mississippi River, Steelyard also provides views out over the river and the famed St. Louis Arch.
One of the oldest communities in the city, Soulard is today a largely residential neighborhood whose many businesses include restaurants, bars, and the North American headquarters of Anheuser-Busch. In a recent Brookings Institution study of 70 older industrial cities, St. Louis ranked among the ones with stronger economies that are making progress on the road toward renewal and reinvention. New construction has also expanded steadily in the market thanks to the continued growth of the region’s remote workforce.

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