Calvera Partners scoops North Dallas apartments “at steep discount”


The Real Deal

Despite a recent slowdown in lending and starts, some multifamily investment sales and development deals are still getting across the finish line in Texas.

A San Francisco-based multifamily investment firm has purchased its second property in Dallas-Fort Worth.

Calvera Partners bought the 152-unit 27TwentySeven, at 2727 Kings Road in North Dallas. The price wasn’t disclosed, but the property is appraised at $30.6 million, according to the Dallas Central Appraisal District. The seller wasn’t identified, but Marc Nourafchan signed the deed as a manager for the ownership LLC, which has an address at 9454 Wilshire Boulevard, in Beverly Hills, California. That building is owned by an LLC controlled by the Nourafchan family.

The property, developed around 2018, is near the Medical District and Dallas Love Field Airport.

Calvera managing principal Brian Chuck called Dallas “a core growth market.”

“With values that are down 20 to 30 percent from peak levels, and transaction volume muted, we are pleased to acquire a well-located, quality asset at a steep pricing discount,” he said.

Dallas-based S2 Capital has purchased apartment complexes in Jacksonville, Florida, and Austin. In Austin, the firm bought the 202-unit Vineyard Hills, at 7631 U.S. Highway 290, in Southwest Austin. The seller, which wasn’t identified and has a San Antonio mailing address, had held the property since 1998. In Jacksonville, S2 bought the 104-unit Belle Rive Club Apartments at 8715 Belle Rive Boulevard. The prices weren’t disclosed.

An affiliate of Narrow Road Group purchased a 68-unit “value-add” apartment complex south of downtown Austin. The local firm bought South Congress Commons, at 126 West Alpine Road. The seller was New York-based Firm Capital, a boutique real estate capital bank. The property was previously owned by the Lone Star Housing and Community Development Corporation, according to public records. Chase Easley of Newmark was retained by Firm Capital to market the property. Anthony Tarter of Newmark’s Debt, Equity & Structured Finance group helped arrange financing on behalf of the buyer.

Nashville-based Southern Land Company is moving forward with its mixed-use tower, which includes 330 apartments, at 2811 Kirby Drive in Houston. The 37-story tower will have a 15,000-square-foot restaurant on the ground floor. The project, estimated to cost $171 million, will also include an 83,000-square-foot office building rising four stories above a parking garage, according to a filing with the state of Texas.



Click here for more information on the Calvera Income and Growth Fund.

Or to find out more directly from a member of our Investor Relations team, click here.

2 Embarcadero Center, 8th Floor
San Francisco, CA 94111

729 Washington Ave N, Suite 600
Minneapolis, MN 55401




Performance data listed in this website or is otherwise provided by Calvera Partners, LLC, or its affiliates (“Calvera”) with respect to a particular property or project represents past performance calculated for the relevant project and does not purport to reflect the overall performance of any private funds managed by Calvera, which may include other projects, as well as charge additional fees or carried interest, or have additional expenses, which would reduce the overall performance of the project from the perspective of a fund investor. Past performance does not guarantee future results; Current performance may be lower or higher than performance data presented. Calvera is not required by law to follow any standard methodology when calculating and representing performance data; the performance of any of Calvera’s projects may not be directly comparable to the performance of other investment vehicles or funds; and qualified potential investors can contact Calvera Partners for more current performance data of any private funds managed by Calvera. 

This website is provided for informational purposes only. Nothing contained in this material is an offer or solicitation to buy or sell any security. In addition, (i) any securities offered to investors that respond to any general solicitation or general advertisement made by Calvera, may be sold only to accredited investors; (ii) such securities will be offered in reliance on an exemption from the registration requirements of the Securities Act and such securities offered are not subject to the protections of the Investment Company Act or required to comply with specific disclosure requirements that apply to registration under the Securities Act; (iii) Neither the SEC, nor any state securities regulator, has passed upon the merits of or given its approval to any securities offered by Calvera, the terms of the offering, or the accuracy or completeness of any offering materials or the accuracy or completeness of any of the information or material provided by or through this website; (iv) the securities will be subject to legal restrictions on transfer and resale and investors should not assume they will be able to resell their securities; and (v) investing in securities involves significant risks, and investors should be able to bear the loss of their investment. Please click here for additional important disclosures.