Atlanta's Shoptaw Finances $19.9 Mil for Second Texas Buy

PLANO, TX-Atlanta-based Shoptaw Group has acquired its second multifamily property in Texas. The firm, which is looking for more DFW buys, secured a $19.9-million acquisition loan at 6.49% interest for 10 years with a 30-year amortization for the purchase of the 330-unit Preserve at Arbor Hills in Plano.

“We are always on the look out for more properties in Texas,” Molly Gieselman, Shoptaw project manager, tells GlobeSt.com. The complex, built in 2000, is located at 7001 Parker Rd. In July, Shoptaw acquired the 295-unit, class A Mission Ranch in Mesquite. California-based Fairfield Properties LP is the seller.

The Washington, DC office of Greystone provided the acquisition financing for the Plano garden apartment community. John Farrell and Dennis James, both of Houston-based L.J. Melody & Co.’s Atlanta office, structured the financing package.

Shoptaw owns 10 multifamily communities in Texas and southeastern US states. It targets complexes with 200 to 400 units and typically class A caliber. The Plano buy, says Allyson Watkins, Shoptaw vice president of the capital markets group, is “a great local property with great potential.” It boasted an occupancy in the low 90% range at sale time.