Texas

American Landmark Acquires New, 246-Unit Apartment Community in Houston

by Taylor Williams August 31, 2018

HOUSTON — Florida-based multifamily owner-operator American Landmark has acquired Haven at Liberty Hills, a 246-unit multifamily community in Houston. The Class A property was delivered earlier this year and offers one- and two-bedroom units. Amenities include a pool, lifestyle center and resident game lounge. The new ownership plans to add a dog park, summer kitchen and fire pits in the pool area as part of a nearly $1 million capital improvement plan. The seller was not disclosed. The transaction marks American Landmark’s eighth multifamily acquisition in Houston and 18th in Texas.

August 31, 2018

Acquisitions Multifamily Texas

Internacional, Dome Equities Buy 208-Unit Apartment Community in Metro San Antonio

by Taylor Williams August 31, 2018

UNIVERSAL CITY, TEXAS — A partnership between San Antonio-based Internacional Realty Inc. and New York-based Dome Equities has purchased Sunrise Canyon Apartment Homes. The 208-unit property is located in Universal City, about 18 miles northeast of downtown San Antonio. Amenities include a fitness studio, internet café, business center, pool and community lounge. Mark Brandenburg of JLL secured an undisclosed amount of acquisition financing for the deal through Freddie Mac

August 31, 2018

Acquisitions Multifamily Seniors Housing Texas

Greystone Arranges Sale of 162-Unit Seniors Housing Asset in Frisco

by Taylor Williams August 31, 2018

FRISCO, TEXAS — Greystone Real Estate Advisors has arranged the sale of The Aspens at Wade Park, a 162-unit, age-restricted residential community located in the northern Dallas metro of Frisco. Built in 2017, the property includes a resort-style pool and spa, fitness center, movie theater, salon/barbershop, library and outdoor barbeque area. Texas-based Aspens Senior Living sold the property to a joint venture between The Carlyle Group and Greystar. Cody Tremper and Mike Garbers of Greystone represented the seller in the transaction.

August 31, 2018

Acquisitions Retail Texas

NAI Partners Acquires 40,300 SF Retail Center in Metro Houston

by Taylor Williams August 31, 2018

KATY, TEXAS — NAI Partners, through its Investment Fund II vehicle, has acquired Royal Montreal Plaza, a 40,300-square-foot retail center in Katy, a western suburb of Houston. The property was 97 percent leased at the time of sale to a mix of regional and local tenants. Andrew Pappas and Adam Hawkins of NAI Partners negotiated the acquisition. Todd Carlson of Hunington Properties represented the undisclosed seller. Green Bank provided debt for the transaction.

August 31, 2018

Market Reports Retail Texas Texas Market Reports

Out-of-State Investors Eye Surging Dallas Retail Market

by Taylor Williams August 31, 2018

The Dallas retail market has been on a historic run over the last five years. Dallas is attracting significant attention from foreign and domestic retail investors alike for several reasons. Cap rates continue to compress, big box spaces are experiencing steady absorption, occupancy is at an all-time high of 94.6 percent, unemployment is at a historic low of 3.7 percent, population growth is holding steady and residential development remains robust. The Dallas-Fort Worth (DFW) MSA recently ranked second in the Americas for real estate investor interest, according to a recent poll conducted by CBRE. In particular, there has been a strong increase in demand for retail properties from California buyers. Many of these investors are used to paying 4 to 5 percent cap rates. So when these California buyers have the opportunity to invest in a market showing stronger signs of growth than their local regions, they jump at the chance. According to CoStar Group, over the last 18 months, the average cap rate for a Dallas retail asset purchased by a California buyer was 6.1 percent. In contrast, the average for a Texas-based buyer was 7 percent. This statistic clearly shows that private retail investors based in California are …

August 31, 2018

Acquisitions Industrial Self-Storage Texas

Merit Hill Capital Acquires Two Self-Storage Facilities Totaling 1,088 Units in Houston

by Taylor Williams August 30, 2018

HOUSTON — New York-based investment firm Merit Hill Capital has acquired StorIt! Seven Meadows and StorIt! Woodcreek, two self-storage facilities totaling 1,088 units in Houston. The Seven Meadows property totals 75,741 square feet and 525 units, while the Woodcreek property totals 68,965 square feet and 563 units. Both facilities offer climate- and non-climate-controlled space. The seller was The Jenkins Organization, which has owned Woodcreek since 2013 and Seven Meadows since 2011.

August 30, 2018

Development Office Texas

Lynd Breaks Ground on 35,000 SF Headquarters Building in San Antonio

by Taylor Williams August 30, 2018

SAN ANTONIO — Locally based multifamily management and development firm Lynd has broken ground on its new, 35,000-square-foot corporate headquarters in San Antonio. The company previously occupied 20,000 square feet at the Forum Building on the city’s north side. The new building will feature a 1,200-square-foot military museum on the ground floor. The Bank of San Antonio provided financing for the project. Lynd expects to move in next summer.

August 30, 2018

Acquisitions Hospitality Texas

Marcus & Millichap Brokers Sale of Two Hotels Totaling 144 Rooms in Texas

by Taylor Williams August 30, 2018

GREENVILLE AND SULPHUR SPRINGS, TEXAS — Marcus & Millichap has brokered the sale of two Texas hotels totaling 144 rooms. The acquisition includes Best Western Plus Monica Royale Inn & Suites in Greenville, a 79-room hotel located about 60 miles northeast of Dallas, and La Quinta Inn & Suites-Sulphur Springs, a 65-room hotel located about 80 miles northeast of Dallas. Chris Gomes, Joseph Jaques and Allan Miller of Marcus & Millichap marketed the properties on behalf of the sellers, both private investors.

August 30, 2018

Acquisitions Retail Texas

Davidson Bogel Arranges Sale of 22,000 SF Retail Center in Fort Worth

by Taylor Williams August 30, 2018

FORT WORTH, TEXAS — Davidson Bogel Real Estate has arranged the sale of 2800 Bledsoe, a 22,000-square-foot retail center located in the West 7th Entertainment District in Fort Worth. The property was 100 percent leased at the time of sale to tenants such as Whisky Garden, Trophy Ranch and The Local. Cameron Deptula of Davidson Bogel represented the seller, TLC Urban, in the transaction. Houston-based Fifth Corner purchased the asset for an undisclosed price.

August 30, 2018

Industrial Leasing Activity Texas

Holt Lunsford Negotiates 64,249 SF Industrial Lease in Metro Dallas

by Taylor Williams August 30, 2018

CARROLLTON, TEXAS — Holt Lunsford Commercial has negotiated a 64,249-square-foot industrial lease within Crosby Business Park in Carrollton, a northern suburb of Dallas. Josh Barnes and Canon Shoults of Holt Lunsford represented the landlord, Frontier Equity, in the lease negotiations. Brian Pafford and Jason Finch of Bradford Commercial represented the tenant, Cowtown Materials Inc., a provider of tools and building supplies for the construction industry.

August 30, 2018

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