Reserve Capital Partners Adds Managing Director of Property Management to Growing Company

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Reserve Capital Partners (RCP), a Dallas-based commercial real estate investment firm focused on industrial and office assets, announces today the appointment of Jacqueline Byrd as Managing Director of Property Management. Byrd brings 25+ years of real estate industry experience spanning office, industrial, medical, retail and residential markets.

Prior to joining Reserve Capital Partners, Byrd served as vice president of Property Management for DCT Industrial Trust for seven years. She also held leadership positions with Grubb & Ellis Management Services and Prentiss Properties Trust.

“I am thrilled to be a part of a thriving company like Reserve Capital Partners. I was eager to join RCP after getting to know the partners, their backgrounds and seeing what we have the ability to accomplish,” said Byrd. “I believe we have expertise that will put us among the major players in the real estate industry, and I am excited to establish our property management platform.”

As Reserve Capital Partners continues to grow its portfolio, Byrd will compile a team of property managers and experienced real estate professionals, and will oversee, guide and direct its property management operations.

“Jacqueline is already such a valued member of the RCP team,” said Brant Landry, partner for Reserve Capital Partners. “Her experience is highly valued in such a competitive real estate market like we have in Texas.”

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Densification of Sprawling DFW Region Putting Premiums on Well-Located Properties

Reserve Capital Partners' Purchase of Danari Office Park Reflective of Impact North Texas' Density is Having on Investments

Dallas-based Reserve Capital Partners' latest deal to land in the last six months - the acquisition of Danari Office Park - fits squarely into the private equity firm's investment strategy and illustrates the impact North Texas' densification is having on real estate investments. 

Reserve Capital partnered with Southlake, TX-based Trinity Private Equity Group to acquire the three-building, 111,286-square-foot office complex, located at Preston and Belt Line roads in North Dallas, for an undisclosed sum. The park last sold at $10.5 million in 2007. It was last valued by county appraisers at about $8 million. 

"We like to target value-add opportunities in irreplaceable locations," Brant Landry, a partner at Reserve Capital, told CoStar News. "This is a strategic play for us that has been, so far, serving us well."

To date, Reserve Capital has deployed $60 million of its $300 million fund acquiring properties, including Hidden Grove at Park Central in North Dallas. The firm has an $80 million property under contract in San Antonio with hopes of investing in more Texas markets. 

"The building in San Antonio matches the profile we are looking for in a property with a similar size to Danari Office Park in a similar-type location," Landry added. "There is nothing broken about it; it's a great building, but it needs another long-term owner and a little TLC."

Ron Hebert, a first vice president of investments for Marcus & Millichap's Dallas office, said he is seeing an increased investor interest in well-located properties as Dallas-Fort Worth continues to sprawl with the influx of new residents.

"Traffic is getting worse and people want to live closer to work," Hebert told CoStar News. "If they want a 30-minute commute, it's no longer 15 miles, but 10 miles away. Everything is becoming denser, which is helping the investment value of existing buildings."

Hebert represented the seller of Danari Office Park, California-based Adler Realty Investments, Inc. He and his colleague Joe Santelli of Marcus & Millichap also procured the buyer. 

Reserve Capital Partners plans to upgrade the park with improvements to the common spaces and tenant amenities, and rebrand the park as Preston Grove. The firm has hired Dallas-based Holt Lunsford Commercial to lease and manage the office buildings. 

Meanwhile, Reserve Capital Partners is seeking more deals with plans to fully deploy its $300 million value-add real estate fund by mid-2019. The team is underwriting a handful of properties in Dallas-Fort Worth right now, Landry said.

Upon deploying the entire fund, the Reserve Capital team plans to raise a second real estate fund.

"Our average deal size is $20 million to $25 million," Landry said. "We'd like them to be larger, but they have to be the right deal."

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Deals Day: Dallas real estate equity fund makes third purchase in 6 months

Reserve Capital Partners’ newest acquisition is an office property on a corner “surrounded by decision makers.”

The Dallas real estate equity fund announced this week it purchased Denari Office Park, made up of three buildings at 15150, 6009 and 6029 Preston Road, for an undisclosed price. The 111,286-square-foot complex is 70 percent leased with 20 tenants.

“The building appeals to a smaller tenant market,” said Greg Seitz, a partner with Reserve. “The reason we like the location is the surrounding demographic of decision makers around the building, and that’s who’s historically been in the building.”

Preston Grove, formerly Denari Office Park, includes three buildings spanning 111,286 square feet.    |    RESERVE CAPITAL PARTNERS

Preston Grove, formerly Denari Office Park, includes three buildings spanning 111,286 square feet.    |    RESERVE CAPITAL PARTNERS

The transaction is Reserve’s third in the last six months. It also owns Hidden Grove, a Dallas office park with tenants like Pollo Campero and Studio Movie Grill, as well as the GE Transportation Building in Melbourne, Florida.

Reserve is rebranding its newest holding as Preston Grove, and has hired Holt Lunsford to help lease the property’s remaining space, catering to small businesses and medical offices.

“We should offer a good value attraction for the location and B-plus offices in that location,” added Clint Riley, a partner with Reserve.

Southlake’s Trinity Private Equity Group partnered with Reserve to acquire the property and worked with the firm to purchase Hidden Grove. Ron Hebert, first vice president of investment with Marcus & Millichap represented the owner in the Preston Grove transaction.

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Can Amazon Take Dallas To The Big Leagues?

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According to some predictions, Dallas is the most likely candidate for Amazon's breathlessly anticipated HQ2. About 50,000 jobs, an 8M SF campus and the sheer brand might of Amazon are bound to shake things up if Dallas does win the bid, but is it enough to take this city to the big leagues?

Though Dallas is enjoying a long and profitable upcycle in almost every asset class, there are a few things holding us back from making it to the upper echelon of top-tier cities like San Francisco or New York City — things even Amazon cannot deliver.
 

Putting aside industrial, which is a national top-tier market and enjoys a lot of attention from investors both foreign and domestic, market experts say Dallas is still in the process of maturing, and institutional capital has been avoiding large-scale moves in the market.

Reserve Capital Partners partner Greg Seitz Downtown needs to be a 24-hour locale before investors will consider Dallas a global player.

“I think [Amazon HQ2 would be] a dramatic enhancement, but it’s not going to be an automatic light switch that changes things,” Seitz said.

The only caveat, Seitz said, would be if Amazon put HQ2 in Downtown Dallas, but he also said he does not see a spot in Downtown where Amazon could fulfill its HQ2 requirements.

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