Property Type

Gaia Real Estate Sells Apartment Complex in Metro Houston

by Haisten Willis January 22, 2015

HUMBLE, TEXAS — Gaia Real Estate has sold Township Apartments, a residential community located in Humble, to an unnamed buyer. The 300-unit property was built in 1972 and is comprised of 41 residential buildings spread through 15 acres. The property is near George Bush Intercontinental Airport and the Greenspoint Business District. After acquiring the property in January 2012, Gaia embarked on a value-add interior renovation program, with upgrades including new roofs, full exterior paint, a redesigned fitness-center, business center and pool.

January 22, 2015

BMC Capital Provides Loans Totaling $4.4M for Three Texas Properties

by Haisten Willis January 22, 2015

AUSTIN, HOUSTON AND COPPELL, TEXAS — BMC Capital has provided three loans totaling $4.4 million for a trio of Texas properties. The first is a $1.9 million refinancing loan for an apartment complex located in Austin. The 10-year, non-recourse loan features a fixed rate of 4.64 percent, a 75 percent loan-to-value ratio and a 30-year amortization schedule. The second loan is a $0.8 million refinancing loan for an apartment complex located in Houston. The five-year loan features a fixed rate of 4.38 percent, a 58 percent loan-to-value ratio and a 20-year amortization schedule. The third is a $1.7 million purchase loan for an office building located in the Dallas suburb of Coppell. The seven-year loan features a 4.46 percent fixed interest rate, a 65 percent loan-to-value ratio and a 25-year amortization schedule. Each loan was arranged through BMC Capital’s agency and correspondent banking relationships.

January 22, 2015

Office Texas

HFF Arranges Sale, Financing of Office Portfolio in Metro Dallas

by Haisten Willis January 22, 2015

DALLAS AND ADDISON, TEXAS — HFF has arranged the sale and financing of a three-building office portfolio totaling 465,703 square feet in Addison. HFF marketed the property on behalf of the seller, Harbert Management Corp. DRA Advisors LLC purchased the asset for an undisclosed price. HFF assisted DRA in securing three separate three-year, floating-rate loans through OneWest Bank. The portfolio includes 5000 Quorum Drive in Dallas and Quorum Place and Quorum North in Addison. Situated on nearly five acres between the Dallas North Tollway and Inwood Road, the 165,434-square-foot 5000 Quorum has seven stories and is 77 percent leased. At nine stories and 181,737 square feet, Quorum Place is the largest of the three in the portfolio. The 78.2-percent-leased building is situated on 5.4 acres at 14901 Quorum Drive in Addison. Quorum North, located at 13201 Spectrum Drive in Addison, is situated on 2.8 acres northeast of the other two properties in the portfolio. At 118,532 square feet, the five-story, 75.7-percent-leased office building is the smallest in the portfolio. Colby Mueck, Matt Kafka, Steve Heldenfels and Sarah Baccich led HFF’s debt placement team.

January 22, 2015

Multifamily Texas

M&M Arranges Sale of 186-Unit Apartment Complex in Metro Austin

by Haisten Willis January 22, 2015

SAN MARCOS, TEXAS — Marcus & Millichap has arranged the sale of Blanco River Lodge, a class A, 186-unit multifamily property located at 1650 River Road in San Marcos. Joe James and Kent Myers of Marcus & Millichap’s Austin office arranged the transaction on behalf of the seller, a regional developer. James and Myers also secured the buyer, a partnership.

January 22, 2015

Multifamily Texas

Waterton Associates Acquires Apartment Complex in Houston

by Haisten Willis January 22, 2015

HOUSTON — Waterton Associates LLC has acquired Villas at Hermann Park, a 320-unit apartment complex in Houston near Hermann Park and the Texas Medical Center. Located on Almeda Road, just south of Houston’s Midtown neighborhood, the community offers one-, two- and three-bedroom units across 12 four-story buildings, as well as two parking garages. Amenities at Villas at Hermann Park include in-unit laundry rooms, private patios and balconies, access gates, a pool, two outdoor kitchens with grilling stations, a clubhouse, 24-hour fitness center, business center and two conference rooms. Waterton plans to make improvements to the community’s common areas and residential units, including kitchen and bathroom upgrades, and the addition of fenced-in backyards for 55 ground-level units.

January 22, 2015

Kansas Midwest Multifamily

M&M Arranges $18.6M Sale of Multifamily Property in Overland Park, Kan.

by Danielle Everson January 22, 2015

OVERLAND PARK, KAN. — Marcus & Millichap has arranged the $18.6 million sale of Town Center Apartments, a 156-unit apartment complex in Overland Park located 20 miles southeast of Kansas City. Built in 1997 on nearly 14 acres, the 176,904-square-foot property includes 20 two-story buildings. The complex’s one-, two- and three-bedroom apartments average 1,134 square feet and feature nine-foot ceilings with crown molding, in-unit washers and dryers and fully equipped kitchens. Select units have attached garages. The complex is located at 6233 W. 120th St. Alex Blagojevich of Marcus & Millichap’s Tampa office, David Gaines of the firm’s Chicago downtown office, and Michael Sullivan, Grant Kollman and Brett Meinzer of the firm’s Kansas City office represented the undisclosed seller and buyer.

January 22, 2015

Civic Midwest Missouri

McGrath Completes Construction on $8.5M Ameren Missouri Switching Station in St. Louis

by Danielle Everson January 22, 2015

ST. LOUIS — McGrath & Associates has completed construction work on Ameren Missouri’s $8.5 million switching station located at 1901 Martin Luther King Drive in downtown St. Louis. The entire switching project, estimated at $42.5 million, is part of a larger Ameren Missouri investment to upgrade electric service in downtown St. Louis over the coming decades. McGrath constructed 70 structural piers with eleven concrete pad foundations, a perimeter fence and a new city sidewalk. McGrath also provided site work on the project, removing abandoned sewer pipes and cisterns, including remedial soil excavating.

January 22, 2015

Illinois Midwest Retail

Mid-America Real Estate Brokers Sale of Carillon Court in Romeoville, Ill.

by Danielle Everson January 22, 2015

ROMEOVILLE, ILL. — Mid-America Real Estate Corp. has brokered the sale of a 29,209-square-foot shopping center in Romeoville, a suburb of Chicago. Scottsdale-based Sand Capital purchased the property located at the northwest corner of 135th and Weber Road. Carillon Court features Allstate Insurance, Comcast, Stella’s Bar & Grill and Essential Chiropractic Center. Carly Gallagher and Ben Wineman of Mid-America brokered the transaction on behalf of a Chicago-based bank.

January 22, 2015

Midwest Office Retail Wisconsin

ALTUS Arranges 3,263 SF Lease of Retail/Office Space in Middleton, Wis.

by Danielle Everson January 22, 2015

MIDDLETON, WIS. — ALTUS Commercial Real Estate Inc. has arranged the lease of 3,263 square feet of retail/office space in Middleton, a northwestern suburb of Madison. The property is located at 6301 University St. Dr. Joe Cristoforo and Dr. Ken Neidhart have joined together to create The Center for Periodontics & Dental Implants Clinic, which will serve at this new location. The practice is set to open in March. Jeff Jansen represented the landlord in the transaction.

January 22, 2015

University House Midtown Atlanta Inland Georgia Tech

Georgia Multifamily Southeast Student Housing

Inland American Communities to Top Off University House Midtown in Atlanta

by John Nelson January 22, 2015

ATLANTA — Inland American Communities Group (IAC) will top off University House Midtown, a 20-story student housing development in Midtown Atlanta, tomorrow. The 268-unit community is located at 930 Spring St., adjacent to Georgia Tech. The 706-bed property will feature more than 9,000 square feet of retail space, a resort-style pool on an elevated terrace, secured parking garage, business center, study rooms, fitness center and a lounge on the top floor with skyline views. IAC is working with local project partners, including architect Niles Bolton Associates, civil engineer Eberly & Associates and general contractor DPR Hardin. University House Midtown, which is slated to open in August, is more than 50 percent pre-leased.

January 22, 2015

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