DALLAS — An affiliate of Dallas-based investment firm Tanenbuam Equity Partners (TEP) has recapitalized a portfolio of 98 civic properties totaling 1.6 million square feet. The properties are scattered across 24 states and are primarily leased to 30 different federal government agencies. The recapitalization consists of senior debt from Centennial Bank, a preferred equity investment from Eagle Point Credit Management and existing common equity controlled by TEP’s principals. The portfolio, which is now valued at approximately $450 million, had an occupancy rate of about 98 percent and a weighted average remaining lease term of about 5.2 years at the time of the recapitalization. Raymond James advised TEP on the transaction.
LAKE JACKSON, TEXAS — Marcus & Millichap has brokered the sale of Brazos E-Z Storage, a 382-unit self-storage facility in Lake Jackson, about 55 miles south of Houston. Built on 3.4 acres in 1974, the facility offers climate-controlled and drive-up storage units, as well as outdoor parking spaces, for a total of 44,178 net rentable square feet. Dave Knobler, Charles LeClaire, Adam Schlosser and Mixson Staffel of Marcus & Millichap represented the Houston-based seller in the transaction and procured the Michigan-based buyer. Both parties requested anonymity.
FORT WORTH, TEXAS — Orlando-based Foundry Commercial will develop Gemini Logistics Center, a 192,000-square-foot industrial project in Fort Worth. The address was not disclosed, but the 15-acre site is located along the I-35 corridor in the Meacham submarket on the city’s north side. Gemini Logistics Center will be a two-building development, with both structures featuring rear-load configurations and dock-high loading areas. A construction timeline was not disclosed.
SHERMAN, TEXAS — Dallas-based Carbon Shepherd Development has completed an 84-unit independent living project in the North Texas city of Sherman. Woodland Cottages Sherman offers one- and two-bedroom units that are reserved for renters age 55 and above. Amenities include a pool, fitness center, game room and a pickleball court, as well as onsite staffing and programming. Additionally, two-bedroom units at Woodland Cottages Sherman feature attached single-car garages. Information on starting rents was not disclosed.
HUNTSVILLE, TEXAS — A partnership between two investment firms, Dallas-based CrestMarc and Chicago-based Midloch Investment Partners, has acquired The Forum at Sam Houston, a 294-unit apartment complex located about 70 miles north of Houston in Huntsville. The property also functions as student housing for enrollees at Sam Houston State University (SHSU). Built in 2010, The Forum at Sam Houston features a mix of studio, one-, two- and three-bedroom units with an average size of 800 square feet. Amenities include a pool, sand volleyball court, basketball court, clubhouse and study lounge, fitness center, bark park, complimentary Starbucks Coffee bar and private shuttle to the SHSU campus. The seller and sales price were not disclosed.
CHANNELVIEW, TEXAS — Lightstone Capital, the debt financing arm of New York City-based Lightstone Group, has provided a loan of an undisclosed amount for an industrial building in Channelview, an eastern suburb of Houston. According to LoopNet Inc., the building at 300 S. Sheldon Road was built in 2003 and totals 180,000 square feet. Elias Haddad led the transaction for Lightstone, which closed the deal in conjunction with two other debt originations for multifamily properties in Southern California that totaled $70 million across all three loans. The borrower was not disclosed.
SOUTHLAKE, TEXAS — Newmark has negotiated the sale of Cornerstone Plaza, a 51,664-square-foot shopping center in Southlake. Cook Children’s Medical Center anchors the two-building center, which was built in 2002 and was fully leased at the time of sale. Conor Lalor, Kyle Minter and Justin Shepherd of Newmark represented the seller, Woodside Health, an Ohio-based private equity firm specializing in healthcare real estate, in the transaction. The buyer was not disclosed.
MISSOURI CITY, TEXAS — Marcus & Millichap has brokered the sale of Brazos Lake Shopping Center, a 9,920-square-foot retail strip center in Missouri City, a southwestern suburb of Houston. Anchored by Excel Urgent Care, the center was built on 1.2 acres in 2009 and features three suites. Joseph Jaques, Alex Wolansky, Gus Lagos and Ron Hebert of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.
AUSTIN, TEXAS — The NRP Group, a Cleveland-based multifamily developer, has broken ground on Catalina, a 336-unit affordable housing project in southeast Austin. Developed in partnership with the Housing Authority of Travis County, Catalina will consist of 12 three-story buildings that will house one-, two-, three- and four-bedroom units. Residences will be reserved for households earning between 30 and 70 percent of the area median income. Amenities will include a pool, fitness center, business center, a multipurpose community room, children’s activity room, playground and various green spaces and outdoor seating areas throughout. Residents will also have access to services such as afterschool care, financial literacy courses, ESL (English as a second language) classes and first-time homebuyer programs. The first units are expected to be available for occupancy next fall, with full completion slated for spring 2028.
LEANDER, TEXAS — Walker & Dunlop has arranged a $46.5 million bridge loan for the refinancing of River Junction, a 329-unit apartment community located in the northern Austin suburb of Leander. Completed in 2024, River Junction comprises 15 buildings that house one-, two- and three-bedroom apartments, as well as 17 townhomes. Amenities include a pool, fitness center, clubhouse, coworking space, pet park and outdoor grilling and dining stations. Patrick Short and Clay Colvill of Walker & Dunlop arranged the floating-rate, interest-only loan through Bridge Investment Group on behalf of the undisclosed owner.
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