REBusinessOnline

Keener Investments Acquires Two Multifamily Assets Totaling 378 Unit in North Houston

HOUSTON — Keener Investments has acquired two multifamily assets totaling 378 units in North Houston. Both the 266-unit Mira Bella Apartments and the 112-unit San Martin Apartments were built in 1982 and offer amenities such as pools and fitness centers. Mira Bella also features a playground, and San Martin features a business center. The new ownership will implement a value-add program and manage the properties moving

Steele Properties Buys 160-Unit Affordable Housing Community in Temple, Texas

TEMPLE, TEXAS — Steele Properties, a Denver-based investment firm specializing in affordable housing, has purchased Wayman Manor, a 160-unit Section 8 affordable housing complex located in the central Texas city of Temple. Steele Properties will implement a capital improvement program that will upgrade roofs, HVAC systems and both indoor and outdoor amenity spaces. Monroe Group Ltd., Steele’s sister company, will oversee property management. Wayman Manor was built in

Forefront Plans 112-Unit Expansion Project at Dallas Seniors Housing Community

DALLAS — Forefront Living has unveiled plans for a 112-unit residential building at Presbyterian Village North, a nonprofit continuing care retirement community (CCRC) in Dallas. The groundbreaking of the new building, which will be named The Hawthorne, is scheduled for spring 2020. Units will range from 912 to 1,633 square feet. The project also includes renovations to existing parts of the

Dougherty Arranges Fannie Mae Acquisition Loan for 100-Unit Apartment Property in Howe, Texas

HOWE, TEXAS — Dougherty Mortgage LLC has arranged an undisclosed amount of Fannie Mae financing for the acquisition of Westwood Manor Apartments, a 100-unit multifamily community in Howe, located north of Dallas near the Oklahoma border. The loan, which carried a 10-year term and a 30-year amortization schedule, was arranged through a partnership with Old Capital Lending for the borrower, Westwood Manor Apartments

Marcus & Millichap Brokers Sale of 100-Unit Vernazza Apartment Community in Dallas

DALLAS — Marcus & Millichap has brokered the sale of Vernazza, a 100-unit apartment community in Dallas. Al Silva and Ford Braly of Marcus & Millichap represented the seller, a locally based private investor, in the transaction. The Dallas-based buyer plans to upgrade the property’s unit interiors and

Houston Office Market Still Battling Depressed Energy Prices

As we enter the fourth quarter, Houston’s office market remains sluggish due primarily to uncertainty in the energy industry. With the price of West Texas Intermediate crude fluctuating between $45 and $60 per barrel, the market has seen minimal oil company expansions.  With the pricing outlook remaining on a bleak to flat trajectory, little growth in office occupancy is expected in the next 18 to 24 months. The cycle favors tenants, now and for the foreseeable future. Should energy …

DC Partners Breaks Ground on Six-Acre Mixed-Use Project in Houston

HOUSTON — Houston-based DC Partners has broken ground on The Allen, a six-acre mixed-use project located near Buffalo Bayou Park in Houston. The development will include a 99-unit condominium building, a Thompson-branded luxury hotel, an office building and retail and restaurant spaces. The grand opening of The Allen is slated for the first quarter of 2021, though the hotel is not scheduled to be complete until 2023. DC Partners is developing the project in partnership with Tianqing Real …

National Container Group Signs 120,960 SF Industrial Lease in Metro Dallas

HUTCHINS, TEXAS — National Container Group LLC has signed a 10-year, 120,960-square-foot industrial lease at Intermodal Business Center in Hutchins, a southern suburb of Dallas. Construction is underway to reconfigure the property, which was built in 2017 and features 32-foot clear heights, an ESFR sprinkler system and 38 dock doors, for National Container Group’s needs. Jean Russo of Cushman & Wakefield represented the tenant in the lease negotiations. Michael Grant and Susan Singer of …

The Boulder Group Arranges $9.2M Sale of Retail Asset in Houston Net Leased to 24 Hour Fitness

HOUSTON — The Boulder Group, an investment brokerage firm specializing in net-leased assets, has arranged the $9.2 million sale of a single-tenant retail property leased to 24 Hour Fitness in Houston. The 50,000-square-foot building is positioned as an outparcel to Willowbrook Mall, which is anchored by Dick's Sporting Goods, Dillard's, JC Penney, Macy's, Nordstrom Rack, Sears and Apple. Randy Blankstein and Jimmy Goodman of Boulder Group represented the seller, a Texas-based private …

FourPoint Brokers Sale of 28-Unit Apartment Property in North Austin

AUSTIN, TEXAS — FourPoint Investment Sales Partners has brokered the sale of Dryfield Apartments, a 28-unit multifamily property located near State Highway 183 in North Austin. Built in 1969, the property offer amenities such as a pool and onsite laundry facilities. Kevin Dufour and Kyle Peco of FourPoint represented the California-based seller in the transaction. The undisclosed buyer will implement a value-add program to the property’s exteriors and unit

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