3650 Capital, Reap Capital Close Texas Multifamily Acquisition With $30M Equity Deal

3650 Capital and its partner Reap Capital have acquired The Calvin, a 167-unit apartment complex in Plano, Texas, through a $30 million equity investment, Commercial Observer has learned. 

3650 Capital, a national CRE lender and capital solutions provider, deployed the equity out of its new Special Situations strategy, a debt and equity focused platform for CRE investment. 

Toby Cobb, co-founder and managing partner of 3650 Capital, said in a statement that his firm plans to initiate “a value-add business plan” to The Calvin, particularly with renovations. 

“This transaction marks a strong start for 3650’s Special Situations platform, which is a key part of our evolution as a solutions provider across the entire capital stack,” said Cobb. “We look forward to leveraging more opportunities to provide equity and structured capital solutions for a variety of asset classes in 2025, as sponsors seek creative paths forward for their properties.”

Located 19 miles due north of Downtown Dallas at 2501 Ohio Drive in Plano, The Calvin opened in 1985 and includes amenities such as a swimming pool, fitness center, business center and dog park. 3650 and Reap Capital plan to begin interior unit updates as well as capital improvements to the shared common areas. 

David Lilley, founder and CEO of Reap Capital, said in a statement that this deal marks the beginning of “future endeavors” his firm will engage together with 3650 Capital. 

“The successful closing of The Calvin with 3650 Capital exemplifies our effective collaboration and shared commitment to securing high-quality real estate opportunities,” Lilley said. 

Brian Pascus can be reached at bpascus@commercialobserver.com