Texas

Marcus & Millichap Arranges Sale of 232-Unit Multifamily Asset in Dallas

by Taylor Williams January 9, 2019

DALLAS — Marcus & Millichap has arranged the sale of Villa Bonita, a 232-unit multifamily asset in Dallas. The property was built in 1969 and is located near a variety of public transportation outlets, schools and retail centers. Al Silva and Ford Braly of Marcus & Millichap represented the seller, California-based Bellaire Partners, in the transaction. Silva and Braly also procured the buyer, a New York-based investment firm. The new ownership plans to implement capital improvements to the unit interiors and exteriors.

January 9, 2019

Acquisitions Retail Texas

Williamsburg Buys Two Retail Centers Totaling 178,977 SF in Metro Houston

by Taylor Williams January 9, 2019

SPRING AND CLUTE, TEXAS — Houston-based investment firm Williamsburg Enterprises has purchased two retail centers totaling 178,977 square feet in metro Houston. The assets include Klein Square, an 80,836-square-foot property located in the northern suburb of Spring, and Plantation Plaza, a 98,141-square-foot property located in Clute, about 55 miles south of Houston. Williamsburg plans to renovate the properties, which were both less than 50 percent occupied at the time of sale, during the first half of 2019. The seller was Brixmor Property Group.

January 9, 2019

Acquisitions Multifamily Texas

SVN Negotiates Sale of 152-Unit Apartment Community in Dallas

by Taylor Williams January 9, 2019

DALLAS — SVN | Investment Sales Group has negotiated the sale of Park Lane Terrace, a 152-unit multifamily community in Dallas. The Class C property was built in the late 1960s. Mark Allen of SVN represented the Dallas-based seller and the California-based buyer in the transaction. The buyer acquired the asset using a 1031 exchange. The sales price was not disclosed.

January 9, 2019

Acquisitions Office Texas

Varidesk Acquires 424,000 SF Office Building in Irving’s Las Colinas District

by Taylor Williams January 8, 2019

IRVING, TEXAS — Varidesk, a provider of adjustable desks, has acquired a 424,000-square-foot office building located at 901 W. Walnut Hill Lane in Irving’s Las Colinas district. The three-story building was built in 1983 and formerly served as the headquarters of jewelry retailer Zales. Amenities include a fitness center, cafeteria and conferencing facilities. The new ownership will reposition the building with a design that activates the entry plaza, promotes connectivity to the outdoors and modernizes the amenity spaces. Cushman & Wakefield is working with Varidesk on the redevelopment and lease up of the building. Corgan is the architect and interior designer for the new office space, which is expected to open this summer as VARISPACE Las Colinas.

January 8, 2019

Loans Multifamily Texas

CBRE Secures $28.9M HUD Construction Loan for San Antonio Apartment Project

by Taylor Williams January 8, 2019

SAN ANTONIO — CBRE has secured $28.9 million in HUD construction financing for Abacus Alamo Ranch, a multifamily project in San Antonio that will deliver 320 market-rate units. Amenities will include two resort-style pools, a clubhouse with a fitness center, volleyball court, coffee bar, business center and a dog park. Casey Knust and Chad Ricks of CBRE secured the nonrecourse loan, which features interest-only payments for the 18-month construction period, through HUD’s 221(d)(4) program on behalf of the borrower, Heiser Development Corp.

January 8, 2019

Acquisitions Multifamily Texas

The Multifamily Group Negotiates Sale of 216-Unit Community in Waco

by Taylor Williams January 8, 2019

WACO, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has negotiated the sale of Saddle Brook West Apartment Homes, a 216-unit community in Waco. Built in 2001 on 11 acres, the property features a pool, playground, game room, fitness center, basketball court and a spa. TMG represented the owner and developer, Dallas-based Zidell Cos. and procured the buyer, Houston-based Juniper Investment Group. The property, which traded at a cap rate of just over 5 percent, has been rebranded Flats on Chapel.

January 8, 2019

Acquisitions Multifamily Texas

Greysteel Arranges Sale, Financing of 138-Unit Apartment Portfolio in Dallas

by Taylor Williams January 8, 2019

DALLAS — Greysteel has arranged the sale of Luau and Koko Apartments, a 138-unit multifamily portfolio in Dallas. Both properties have recently undergone capital improvements, including upgrades to the unit interiors and parking lots. Doug Banerjee, Boyan Radic, Andrew Mueller and Scott Simon of Greysteel represented the seller and procured the buyer for the deal. Both parties requested anonymity. Daniel Hartnett of Greysteel arranged an undisclosed amount of acquisition financing for the transaction.

January 8, 2019

Loans Multifamily Texas

Hunt Provides $6.1M Acquisition Loan for Multifamily Asset in Irving

by Taylor Williams January 8, 2019

IRVING, TEXAS — Hunt Real Estate Capital has provided a $6.1 million acquisition loan for The Village on West Irving, a 91-unit multifamily asset in Irving. The garden-style property is situated on 4.6 acres, consists of six two-story buildings and offers a pool, playground and onsite laundry services. Hunt provided the funds through Freddie Mac’s Small Balance Loan (SBL) program on behalf of the borrower, a partnership between four limited liability companies. The seller was Elmstone Group TV LLC. The loan carries a 10-year term, fixed interest rate, 30-year amortization schedule and 36 months of interest-only payments.

January 8, 2019

Acquisitions Office Texas

Hartman REIT Acquires Office Building in San Antonio for $16.5M

by John Nelson January 7, 2019

SAN ANTONIO — Hartman vREIT XXI Inc. has purchased the Spectrum Building, a 10-story office asset located at 613 N.W. Loop 410 in San Antonio’s North Central submarket, for $16.5 million. The sales price, which included a buyer’s auction premium, equates to about $94 per square foot. The 175,314-square-foot office building was 87.7 percent leased at the time of sale. The seller was not disclosed.

January 7, 2019

Loans Multifamily Texas

Dwight Capital Provides $18M HUD Refinancing for Apartment Community in Downtown San Antonio

by John Nelson January 7, 2019

SAN ANTONIO — Dwight Capital has provided a $18 million HUD 223(f) loan for the refinancing of Cadillac Lofts, a Class A apartment community located at 317 Lexington Ave. in San Antonio’s central business district. Originally built in 1922 and substantially rehabilitated in 1998, the property features 152 loft apartment residences. The undisclosed borrower renovated unit interiors in 2015 and 2016 and added a rooftop pool, terrace and fitness area. Cadillac Lofts is listed on the National Register of Historic Places as the former Goad Motor Company Building.

January 7, 2019

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