Property Type

Hyatt Regency Houston Galleria Opens

by Haisten Willis October 19, 2015

HOUSTON — The Hyatt Regency Houston Galleria has opened at 2626 Sage Road in Houston. The 14-story hotel, managed by Aimbridge Hospitality, marks the ninth Hyatt-branded hotel to open in the Houston area. The hotel is part of the 7.6-acre Galleria Plaza development, which includes retail, apartments and office towers. The development will also include Hyatt Place Houston Galleria, adjacent to Hyatt Regency Houston Galleria. The Hyatt Place hotel is under construction and is expected to open in early 2016. Hyatt Regency Houston Galleria features 325 rooms, including 20 suites and eight accessible rooms. The hotel features more than 11,000 square feet of functional space and an additional 7,800 square feet of lobby and gathering space. On the third floor is a heated, outdoor swimming pool and sun deck.

October 19, 2015

Casey Development Begins Construction on 246-Unit Apartment Community in Austin

by Haisten Willis October 19, 2015

AUSTIN, TEXAS — Casey Development has started construction on Tacara at Steiner Ranch, a 246-unit, Class A apartment community located in the Steiner Ranch master planned community in Austin. Located northwest of downtown Austin, Steiner Ranch sits between Lake Austin and Lake Travis alongside the Balcones Canyon Land Preserve with views of the lakes and the hill country. Exterior materials will include stone and stucco with tile roofs on all amenity buildings. The property will consist of 150 one-bedroom/one-bath units, 80 two-bedroom/two-bath units and 16 three-bedroom/two-bath units. Property amenities will include a pool, outdoor lounge areas with barbecue grills, coffee bar, business center, fitness center, dog park and gated entry. All units will have quartz countertops with under-mount sinks, stainless steel appliances, walk-in closets, washers and dryers and hard surface flooring in kitchens, bathrooms and living areas.

October 19, 2015

Multifamily Seniors Housing Texas

Construction of New Seniors Housing Property Underway in Houston

by Haisten Willis October 19, 2015

HOUSTON — Whiting Turner has broken ground on Amarillo Terrace, a new 108-unit independent living property at the Eagle’s Trace continuing care retirement community in Houston. Amenities will include stainless steel appliances and granite countertops, while screened-in porches and patios will be options for a number of the residences. Residents will also have access to a new media room, fitness center and additional meeting space. Amarillo Terrace is scheduled to open in the fall of 2016. Texas-based JHP Architecture designed Amarillo Terrace to be connected by a climate-controlled walkway to the main clubhouse of Eagle’s Trace, which houses services such as the medical center, convenience store, salon and bank. Additionally, the continuing care neighborhood provides 112 residences offering assisted living, memory care, post-acute rehabilitation and nursing care services.

October 19, 2015

Restaurant Retail Texas

EDGE Realty Arranges Lease for New Mellow Mushroom Location in Dallas

by Haisten Willis October 19, 2015

DALLAS — Mellow Mushroom is opening a new location at 2326 N. Henderson Ave. in Dallas. The 5,628-square-foot, freestanding pizza restaurant is anticipated to open in spring 2016. Sean Alkek of EDGE Realty Partners represented the tenant, and Drew Downs and Matt Heisley of Open Realty Advisors represented the landlord in the transaction. Founded in 2009, EDGE Realty Partners is a commercial real estate firm providing brokerage, development and investment sales services throughout the Southwest.

October 19, 2015

Loans Multifamily Texas

Walker & Dunlop Provides $18M Acquisition Loan for Whispering Oaks Apartments in San Antonio

by Haisten Willis October 19, 2015

SAN ANTONIO — Walker & Dunlop has provided an $18 million acquisition loan for Whispering Oaks Apartments in San Antonio. The Walker & Dunlop team utilized Fannie Mae’s 10-year, fixed-rate product for the loan structure. In addition, the loan included three years of interest-only payments and utilized Fannie Mae’s Early Rate Lock program. Alex Inman led the Walker & Dunlop team that structured the loan. Located in the Whispering Oaks community, the garden-style apartment complex offers 346 units featuring one-, two- and three-bedroom apartments situated on 11.8 acres. Built in 1981, the property features a fitness center, three swimming pools, picnic areas, four on-site clothing facilities, a dog park, playground and business center. In the next 12 to 18 months, the purchaser plans to continue unit upgrades, common area improvements and exterior renovations. Whispering Oaks Apartments is 93 percent occupied.

October 19, 2015

Michigan Midwest Mixed-Use

McCormack Baron Salazar to Break Ground on $65M Mixed-Use Project in Detroit

by Christina Cannon October 19, 2015

DETROIT — McCormack Baron Salazar Development Inc. will break ground on Orleans Landing near Detroit’s central business district this Tuesday, Oct. 20. The new mixed-use community will be situated on approximately eight acres adjacent to the Detroit River Walk and the Dequindre Cut Greenway. The first phase will include 278 apartments — 20 percent of which will be held for “affordable income” residents — and 10,000 square feet of retail, according to the Detroit Free Press. The development will include a mix of one- and two- bedroom homes, flats, lofts and townhomes. The $65 million project was financed through a combination of conventional FHA 221 (d) 4 debt, a two-tier equity structure and public funds. Hamilton Anderson Associates Inc. is the architect. Urban Design Associates is serving as the master planner. O’Brien Edwards and Brinkman Constructors is the general contractor. McCormack Baron Management Inc. will serve as the property manager upon completion. The project is slated for completion in April 2017. According to Crain’s Detroit Business, plans for a second phase of the development call for about 230 more rental units and additional retail space.

October 19, 2015

Illinois Midwest Multifamily

The Connor Group Acquires 368-Unit Apartment Community in Aurora, Ill.

by Christina Cannon October 19, 2015

AURORA, ILL. — The Connor Group has acquired a 368-unit apartment community in Aurora, approximately 40 miles west of Chicago, from American Realty Advisors. The sales price was undisclosed. The Class A asset, located at 1840 Clubhouse Drive, was 96 percent occupied at the time of sale. Susan Lawson and Debbie Corson represented American Realty Advisors in the transaction.

October 19, 2015

Midwest Missouri Office Retail

Savoy Properties Arranges Two Transactions in St. Louis Suburb of Hazelwood

by Christina Cannon October 19, 2015

HAZELWOOD, MO. — In separate transactions, Savoy Properties has arranged one property sale and one lease in Hazelwood, a northwestern suburb of St. Louis. In the first transaction, Bommarito Ford Realty LLC purchased a 21,016-square-foot retail building from Robert Chandler and Marilyn Chandler. The property is located at 6311 N. Lindbergh Blvd. in Hazelwood. John McDonald of Savoy represented the buyer, Bommarito Ford Realty. In the second transaction, Kingsbrook Properties LLC has leased 12,712 square feet of office space to Center for Life Solutions. The property is located at 9144 Pershall Road in Hazelwood. Ryan Pennington and John Pennington of Savoy represented the landlord, Kingsbrook. Eric Galanti of CBIZ represented the tenant.

October 19, 2015

Industrial Midwest Missouri

U.S. Bank Provides $5.3M in Equity for Industrial Park in Kansas City, Mo.

by Christina Cannon October 19, 2015

KANSAS CITY, MO. — U.S. Bank has provided $5.3 million in equity for the development of a 364,000-square-foot industrial park in Kansas City. Three Trails Industrial Park is a $16 million project slated for completion in February 2016. The $5.3 million in equity was raised through the federal New Markets Tax Credit Program designed to spur revitalization efforts of low-income and impoverished communities across the country.

October 19, 2015

Multifamily North Carolina Southeast

MHA Brokers Sale of Three Apartment Communities in Triangle Area for $62.4M

by John Nelson October 19, 2015

CHARLOTTE, N.C. — Multi Housing Advisors (MHA) has brokered three separate sales of three apartment communities in the Raleigh-Durham area totaling $62.4 million. The transactions include Atlanta-based TriBridge Residential selling The Hamptons at RTP, a 286-unit property in Durham, to Cortland Partners for $34.6 million; Los Angeles-based Robertson Properties Group selling Emerald Forest, a 320-unit property in Durham, to New York-based Somerset Partners for $19.5 million; and New York-based JEM Holdings purchasing Westchester, a 160-unit property in Garner, from Carlisle Residential for $8.3 million. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in all three transactions.

October 19, 2015

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