HOUSTON — Silver Star Properties REIT Inc., an entity formerly known as Hartman Short Term Income Properties XX Inc., has sold a 12-building, 377,752-square-foot industrial flex property in northwest Houston. Silver Star Properties originally acquired the property, which was built in 1977, in 2014. The property was 95 percent leased at the time of sale. An affiliate of Partners Real Estate, the Houston-based investment and brokerage firm formerly known as NAI Partners, purchased the asset for an undisclosed price. Origin Bank provided financing for the off-market transaction.
CORPUS CHRISTI, TEXAS — Self-storage brokerage firm Versal has negotiated the sale of U Store, a 270-unit facility in Corpus Christi. The property, which comprises 75,835 net rentable square feet of non-climate-controlled space, includes six retail spaces and was fully occupied at the time of sale. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the seller, a Texas-based limited liability company, in the transaction. The team also procured the Texas-based buyer.
WEATHERFORD, TEXAS — A joint venture between TruLife Communities and build-to-rent owner-operator Advenir Oakley has broken ground on LEO at Bethel Place, a 200-unit project in the southern Fort Worth suburb of Weatherford. Designed by Gaylen Howard Laing Architects, the property will offer a mix of one-, two- and three-bedroom homes that will average 781, 1,130 and 1,500 square feet, respectively. The amenity package will comprise courtyards with pavilions and grill stations, a central clubhouse with a pool and fitness center, dog park, pickleball court, putting green, walking trail system and a community garden. Full completion is slated for December 2024.
SELMA, TEXAS — Westport Axle Co., a provider of automotive assembly services, has signed a 115,760-square-foot industrial lease at Building 2 at Selma Industrial Park, located on the northeastern outskirts of San Antonio. Delivered in July 2022, Selma 2 is a 305,760-square-foot, cross-dock facility that features 36-foot clear heights, 74 dock-high doors and four drive-in ramps. Jon Dandurand with Burr & Temkin represented the tenant in the lease negotiations. John Colglazier, Carlos Marquez and Kyle Kennan of Partners Real Estate represented the landlord, a partnership between Titan Development and Atlanta-based Robinson Weeks Partners.
AUSTIN, TEXAS — Locally based developer The Geyser Group is nearing completion of The Johnny, a 76-unit multifamily project in Central Austin. Geyser Group is developing the project in partnership with The Sephira Group. Units come in studio, one- and two-bedroom formats and are furnished with quartz countertops, stainless steel appliances and individual washers and dryers. In addition, 16 of the residences are reserved for renters earning 60 percent or less of the area median income. Communal amenities include a fitness center and a rooftop deck with an outdoor kitchen. Full completion is slated for April.
OAKLAND PARK, FLA. — Walker & Dunlop has arranged $51 million in construction financing for Sky Building, a mixed-use development located in the South Florida city of Oakland Park. The borrower, locally based NRI Investments, previously signed a development agreement, lease agreement and purchase and sale agreement for the 2.1- acre site with the City of Oakland Park. Sky Building will house 136 affordable and workforce units, which are connected by a skybridge to the City of Oakland Park’s new City Hall, alongside roughly 15,000 square feet of ground-floor retail space. The site is within an opportunity zone approximately three miles north of downtown Fort Lauderdale. Jeremy Pino, Livingston Hessam, Carl Passmore, Kyle Miller, David Strange and Keith Melton of Walker & Dunlop arranged the financing via senior construction lenders and debt and equity funds. The financing was underwritten at 80 percent loan-to-cost and is non-recourse through the capital stack, according to Walker & Dunlop. The construction timeline for Sky Building was not disclosed.
NASHVILLE, TENN. — Placemakr, a tech-centric hospitality and multifamily operator, has opened its third Nashville location. The 89-unit property is located at 321 Hart St. in the city’s Wedgewood-Houston neighborhood. Placemakr Wedgewood-Houston, formerly a Bento Living building, features apartment-style units for nightly hotel, short-term rental and long-term furnished housing stays. Units range from micro studios to two-bedroom apartments. According to the property website, a one-night stay this weekend ranges from $169 to $379. Guests have access to an outdoor rooftop terrace with views of downtown Nashville, a fitness center, meeting spaces, onsite bodega, coffee bar and an onsite Pacific-Rim-inspired restaurant. Placemakr’s other Nashville locations are in SoBro and Music Row.
COLUMBIA, S.C. — RREAF Holdings has acquired Rivers Edge at Carolina Stadium, a 486-bed student housing community located near the University of South Carolina in Columbia. The seller and sales price were not disclosed. The property was built in 1996 within the university’s Greek Village. Capital improvements are planned for the community, which will be overseen by RREAF Construction Services. Renovations are set to include upgrades to 40 percent of the property’s 240 units and amenity updates, including the addition of a dog run; upgrades to the existing basketball, volleyball and pickleball courts; and new lighting along the community’s walking paths. Renovations will be completed between late 2026 and early 2027.
OWINGS MILLS, MD. — Element Fleet Management Inc., a global fleet management firm for the automotive industry, has signed a 64,000-square-foot office lease at Metro Centre at Owings Mills, a mixed-use development in the Baltimore County city of Owings Mills. Kevin Keane of David S. Brown Enterprises negotiated the lease transaction. Element Fleet expects to occupy the space by the end of the year with 250 employees onsite. The new office is a relocation of the firm’s East Coast headquarters. In addition to Class A office space, Metro Centre features the Owings Mills Metro station, shops, restaurants, apartments and the newly opened Marriott Owings Mills Metro Centre Hotel & Conference Center. Other tenants at Metro Centre include The Tillery Restaurant and Bar, Baltimore County Public Library, World of Beer, Bee Inspired Honey House, Club Pilates, Eggspectation, Gannett Fleming, BDO, Myers & Stauffer and SB & Co.
ROGERS, ARK. — Atlanta-based SJC Ventures has signed casual American restaurant chain Firebirds Wood Fired Grill to join the tenant roster at Pinnacle Springs, a mixed-use development underway in Rogers. The 80,498-square-foot development will be anchored by Whole Foods Market. Construction at the site, located at the corner of West Seneca Road and South Promenade Boulevard, will begin this spring. Firebirds Wood Fired Grill is tentatively planned to open in the fourth quarter of 2024. Tina Howard of SJC Ventures is leading the leasing assignment for Pinnacle Springs. The developer plans to announce more tenants in the near future. North Carolina-based Firebirds Wood Fired Grill has more than 60 locations across the country, and the Pinnacle Springs location will be its first in Arkansas.