REBusinessOnline

Ascott Acquires 1,005-Bed Student Housing Community Near Texas Tech University for $70M

LUBBOCK, TEXAS — Ascott Residence Trust, a REIT based in Singapore, has acquired Wildwood Lubbock, a 1,005-bed student housing community located about two miles from Texas Tech University. Ascott purchased the community, which offers two- to four-bedroom units with bed-to-bath parity, from an undisclosed seller for $70 million. Shared amenities include a resort-style pool with hot tubs, a swim-up bar, outdoor cabanas and grills and fire pits. In addition, residents of Wildwood Lubbock have …

Berkadia Arranges Acquisition Financing for 1,275-Unit Multifamily Portfolio in Houston

HOUSTON — Berkadia has arranged an undisclosed amount of acquisition financing for a portfolio of five multifamily properties totaling 1,275 units in the Westwood and Braeswood/Fondren submarkets in southwest Houston. The properties — Airport Crossing, The Townhomes, Terrace at West Sam Houston, Casa Grande and Plaza at Hobby Airport — were all built between 1976 and 1983. Mitch Sinberg, Matthew Robbins and Abigail Beauchamp of Berkadia arranged the financing through Voya Investment …

OHT Partners Breaks Ground on 315-Unit Lenox Bayside Apartments in Southeast Houston

HOUSTON — Multifamily developer OHT Partners has broken ground on Lenox Bayside, a 315-unit apartment community in the Clear Lake area of southeast Houston. The community will be situated adjacent to Baybrook East, a retail center at which a 106,000-square-foot H-E-B grocery store is currently under construction. Designed by Davies Collaborative, Lenox Bayside will offer one-, two- and three-bedroom units and amenities such as a pool, 24-hour collaborative work studio, outdoor grilling areas …

Tradition Senior Living Starts Construction of 312-Unit The Tradition-Clearfork in Fort Worth

FORT WORTH, TEXAS — Developer and operator Tradition Senior Living has begun construction on a 309-unit facility within the 270-acre Clearfork mixed-use development in Fort Worth. The Tradition-Clearfork will offer independent living, memory care and assisted living services. The property’s 214 independent living residences and 95 acute and memory care units will be available in one- and two-bedroom formats and will range in size from 880 to 2,200 square feet. Residents will have access to …

NAI Partners Brokers Sale of 35,634 SF Industrial Building in Southeast Houston

HOUSTON — NAI Partners has brokered the sale of a 35,634-square-foot industrial building located at 9260 Bryant St. in southeast Houston. According to LoopNet Inc., the single-tenant property as built on 2.5 acres in 1961. NAI Partners’ Darren O’Conor represented the buyer, TEHO International (USA) LLC, in the transaction. Ryan Fuselier and David Buescher with JLL represented the seller, an entity doing business as Bryant Street Building

Volume of Self-Storage Deals in Texas Explodes

By Taylor Williams A number of economic, demographic and bureaucratic headwinds are propelling investment in self-storage properties across Texas, such that some brokerage firms are on pace to have record-breaking deal volumes in 2021.  Last year, the outbreak of COVID-19 postponed the typical leasing season of late spring and early summer. Individuals and businesses grappled with economic uncertainty by tightening their purse strings. But by fall of last year, leasing and occupancy rates …

KDC to Develop Three New Office Buildings at CityLine in Metro Dallas Totaling 1.4 MSF

RICHARDSON, TEXAS — Developer KDC will build three new office buildings totaling approximately 1.4 million square feet at CityLine, a 204-acre mixed-use development located in the northeastern Dallas suburb of Richardson. Five CityLine will be an 18-story tower with 513,000 square feet, while Six CityLine will rise 13 stories and span 356,000 square feet. The third tower, Seven CityLine, will be a 15-story, 507,000-square-foot building. Dallas-based Corgan & Associates is designing the …

Stratus Properties Agrees to Sell Santal Apartments in Austin for $152M

AUSTIN, TEXAS — Locally based REIT Stratus Properties has entered into an agreement to sell The Santal, a 448-unit apartment community in Austin’s Barton Creek neighborhood, for $152 million. The sales price equates to roughly $339,000 per unit. The property, which was fully occupied at the time of sale, was constructed in phases between 2015 and 2019. Units feature one-, two- and three-bedroom floor plans and are furnished with hardwood floors, quartz countertops, stainless steel …

29th Street Capital Acquires 362-Unit San Cierra Apartments in Northwest Houston

HOUSTON — Chicago-based 29th Street Capital has acquired San Cierra Apartments, a 362-unit multifamily community located in the Cypresswood neighborhood in northwest Houston. Built in 2008, the property features one-, two- and three-bedroom apartments with nickel fixtures and hardware, individual washers and dryers, granite countertops and island kitchens. Communal amenities include a resort-style pool, fitness center, theater room, business center, children’s play area, a coffee bar and …

JLL Arranges Acquisition Financing for 292-Unit Alexan on Ross Apartments in Dallas

DALLAS — JLL has arranged an undisclosed amount of acquisition financing for Alexan on Ross, a 292-unit apartment community located in Dallas. Built in 2018, Alexan on Ross offers a mix of studio, one- and two-bedroom units with an average size of 877 square feet. Residences are furnished with stainless steel appliances, granite or quartz countertops and full-size washers and dryers. Amenities include a pool, fitness center, resident lounges and an outdoor skyline terrace. Mark Brandenburg …

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