AUSTIN, TEXAS — Minneapolis-based Ryan Cos. will develop a 350-unit apartment community within the Mueller District, the 700-acre site of a former airport in Austin. The project will include 2,500 square feet of retail space, and 15 percent of the units will be reserved for renters earning 60 percent or less of the area median income. Details about the development’s floor plans and amenities were not released. Construction is expected to begin in the fourth quarter.
HOUSTON — Colliers International has brokered the sale of World Houston Plaza, a 216,889-square-foot office building located at 15710 John F. Kennedy Blvd. on the city’s north side. The eight-story building was originally constructed on a 3.5-acre lot in 1985. David Carter of Colliers represented the undisclosed seller in the transaction. The buyer, David Z. Mafrige Interests, purchased the asset via a Ten-X auction for an undisclosed price.
HOUSTON — The Montrose Center (TMC), a locally based owner-operator that offers health, mental wellness, education and housing services for Houston’s LGBTQ community, has opened Law Harrington Senior Living Center, a 112-unit independent living facility in Houston. The project, valued at $26.5 million, is currently the largest LGBTQ-affirming seniors housing community in the United States and the only one in Texas, according to TMC. Units are available in one- and two-bedroom formats and are reserved for low-income renters age 62 and above. TMC is holding a grand opening this summer for Law Harrington, but move-ins are already underway. Amenities and services include recreational programs and a dog park. Additionally, TMC is partnering with Legacy Community Health to offer Law Harrington residents medical care onsite, including services for seniors living with HIV.
ROUND ROCK, TEXAS — NorthMarq has arranged a $5 million acquisition loan for a 38,024-square-foot industrial flex property in Round Rock, a northern suburb of Austin. The property was fully leased to two medical and diagnostic lab users at the time of the loan closing. Chase Johnson of NorthMarq arranged the loan through life company StanCorp on behalf of the undisclosed borrower. The seller was also undisclosed.
MOUNT PROSPECT, ILL. — Wingspan Development Group has begun pre-leasing for Maple Street Lofts, a 192-unit luxury apartment community in Mount Prospect, a northwest suburb of Chicago. Located at 207 S. Maple St., the six-story property includes an Angelo Caputo’s Fresh Market grocery store on the ground floor. The transit-oriented development is situated across the street from the Mount Prospect Metra station. First move-ins are slated to begin this summer. Designed by Chicago-based Studio 222 Architects, Maple Street Lofts offers studio, one- and two-bedroom floor plans ranging from 591 to 1,180 square feet. Monthly rents range from $1,550 to $2,885. Amenities include a business center with four private offices for working from home, a fitness center, yoga studio, resident lounge, pool, gaming area, sun deck, bark park and package room. The 16,000-square-foot grocery store is slated to open this fall. Wingspan’s sister company, Nicholas & Associates, is the general contractor. Lincoln Property Co. will oversee leasing and property management.
FORT WORTH, TEXAS — Bighorn Construction & Reclamation has signed a 36,331-square-foot office lease extension at 777 Main in Fort Worth. The 40-story building was originally constructed in 1983. Transwestern’s Whit Kelly and Dallas Margeson represented the landlord, Brookdale Group, in the lease negotiations. The representative of the tenant was not disclosed.
CHICAGO — Cresset Partners and Diversified Real Estate Capital have formed a partnership of their real estate groups, expanding Cresset’s real estate investment platform. The partnership formalizes and builds upon the existing relationship between the two companies, which have sourced, structured, capitalized and executed $1.6 billion in real estate projects since 2019. The combined entity, which is named Cresset Real Estate Partners, will target institutional-quality investment opportunities in a variety of asset types, including multifamily, office, industrial and hospitality.
MUNSTER, IND. — Mag Mile Capital has arranged a $5.7 million loan for the acquisition of an 18,440-square-foot retail center in Munster, about 30 miles southeast of Chicago. Situated at 8201-8231 Calumet Ave., the property is leased to a mix of national and local retailers, including Target, Starbucks and Panera Bread. Prabhat Jayara of Mag Mile arranged the five-year, fixed-rate loan on behalf of Translucence Management. A local bank provided the loan, which features a 75 percent loan-to-value ratio, an interest rate of 4.25 percent and a 25-year amortization schedule.
CHICAGO — Interra Realty has brokered the $3.4 million sale of an 18-unit multifamily property in Chicago’s Lincoln Square neighborhood. Located at 4841 N. Rockwell St., the asset comprises one-bedroom units, all of which were occupied at the time of sale. Craig Martin of Interra represented the seller, a local family office, which had owned the property for more than 50 years. Martin also represented the private buyer.
GURNEE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial V LP, has acquired a 62,940-square-foot industrial building in Gurnee, about 40 miles north of Chicago. The purchase price was undisclosed. Located at 905 Lakeside Drive, the property is 35 percent leased to three tenants. Constructed in 1989, the building features four docks, six drive-in doors and parking for 75 cars. Venture One plans to make improvements that will include office and warehouse renovations, parking lot resurfacing and new LED lighting. Donald Glyman of Tri-County Commercial Real Estate Inc. represented the undisclosed seller. Robert Elbrecht of Tri-State Realty represented Venture One and will be retained to market the property for lease. VK Industrial V LP is a partnership between Venture One and Kovitz Investment Group.
