Welcome to the DFW CRE Insider
You're reading the first issue. If someone forwarded this to you — welcome. Here's the deal: every week, I break down what's actually happening in Dallas-Fort Worth commercial real estate. No press release regurgitation. No corporate fluff. Just the deals, the data, and the stuff worth paying attention to.
Let's get into it.
The Big Story: WindMass Hits the Wall Dallas syndicator faces foreclosure on 1,400-unit apartment portfolio
WindMass Capital — the Dallas multifamily shop that outlasted peers like GVA and Tides Equities — is now facing foreclosure on five Lake Highlands apartment complexes totaling 1,406 units. The trigger: an alleged default on a $120 million loan from Voya. That's about $85K per unit. The five properties (The Beckham, Bernard, Bentley, Blake, and Baxter) are all 1983-84 vintage, clustered along Audelia Road and Forest Lane. WindMass bought the portfolio in 2021 — peak froth.
Here's the twist: last spring, WindMass tried the "traveling housing finance corporation" lophole — selling the properties to Pecos Housing Finance Corp (400+ miles from Dallas) and leasing back the ground to wipe them off tax rolls. That deal closed May 28, 2025 — the exact same day Governor Abbott signed HB 21 to close that loophole.
The takeaway: The Sun Belt multifamily syndication wave is still unwinding. WindMass lasted longer than most, but floating-rate debt from the low-rate era doesn't care about your track record. If you're watching distressed multifamily in DFW, this is 1,406 units about to be in play.
Deal Flow
Crow Holdings eyes 250K SF expansion at Old Parkland East
Crow Holdings is planning a second phase of Old Parkland East in Uptown, adding roughly 250,000 SF across three new buildings on 2.5 acres. Construction could kick off this fall, with completion targeted for early 2029.
Why it matters: the first phase is nearly fully leased. The campus caters to family offices, PE firms, and institutional tenants who want prestige and privacy over scale — and it's working. The NYSE's Texas outpost is setting up there. The "Y'all Street" narrative is real, and Crow is doubling down.
Design District scores three new leases at The Capital
HFI Capital Management (Ken Hersh's family office) and Quadrant Investment Properties are turning The Capital at 1333 Oak Lawn into a hub for emerging investment firms. Three new tenants — Beam Reach (9,685 SF), Webs Creek Capital (6,811 SF), and Ninth Floor Partners (8,002 SF) — just signed, pushing the 125,000 SF building to ~60% occupancy.
The kicker: HFI itself is leaving Old Parkland to move into 23,135 SF at The Capital. When an owner moves into their own building to anchor it, that's conviction.
David Craig, Denison 180ac Mixed use
The Denison Development Alliance (DDA) owns 180ac of land at the intersection of 75/84 which is the natural gateway into the Preston Harbor development on Lake Texoma. In December 2025 the DDA put out an RFP seeking buyers/developers to take on this 180ac project. Out of four bidders, David Craig won the bid and agreement of development. Who better to develop the entrance to Preston Harbor than the developer himself. More Detail HERE
Restaurants:
Adelmo’s Italian Restaurant has moved from Inwood Village to SWC Preston/635, aka Preston Valley Shopping Center. More info HERE
New York Subs moved from Asbury near SMU to a ghost kitchen taking orders online from Ubereats and the like. More info HERE
Hickory House BBQ on Riverfront Blvd near the Longhorn Ballroom is looking for a new home after 74 years in the same spot. More info HERE
Sevy’s near Preston Center is looking for a new home. More info HERE
Broker's Take
Two stories, one theme: flight to quality is accelerating in DFW office.
Commodity office space is still bleeding. Vacancy is elevated across the metroplex, and that's not changing anytime soon. But the top-tier, design-forward, campus-style product? Nearly full. Crow can't build fast enough at Old Parkland. The Design District is pulling finance tenants who want something different from the Uptown glass towers. If you're an owner sitting on a B or C office asset in DFW, the gap between your building and the A+ product is widening every quarter. And tenants aren't coming back to split the difference.
"Before you criticize someone, you should walk a mile in their shoes. That way when you criticize them, you are a mile away from them and you have their shoes."
— Jack Handy
That's Issue #1. If this was useful, forward it to someone in the business. If it wasn't, reply and tell me why — I'll make it better.
My world for what its worth:
I’m working on finding a 5,0000-10,000 single story building inside 635 with 50+ parking spots, ideally with a kitchen or grease trap minimum for a food/catering/event space for an already established chef. Looking to purchase.
Currently in discussions with two developers for a BTS airplane hangar in North Texas. We have the site/airport selected and now discussing the client’s use/size needs in order to obtain a proposed budget. Use is an MRO facility.
Currently searching for a 100,000sqft warehouse near the Sherman/Denison/Bonham area, or possibly land for the client to build on.
Client is reviewing a small office complex for purchase in the North Dallas area.
See you next week.
— Rudy
Side Projects: