THE WOODLANDS, TEXAS — The Howard Hughes Corp. (NYSE: HHC) has broken ground on Two Lakes Edge, a 386-unit multifamily community in The Woodlands, about 30 miles north of Houston. Situated on the 200-acre Lake Woodlands, the property features a pool and outdoor entertainment area, sky lounge, fitness center and kayaks and bikes for complimentary use by residents. Two Lakes Edge will also include ground-floor retail and restaurant space. Completion is slated for spring 2020.
ANNA, TEXAS — Marcus & Millichap has arranged the sale of Affordable Self-Storage, a 51,555-square-foot facility in Anna, about 45 miles north of downtown Dallas. Built in stages between 2004 and 2015, the property consists of 76 climate-controlled units, 312 non-climate-controlled units, 36 boat/RV units and 63 uncovered parking spaces. Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller, a private investor. The buyer was a local self-storage owner-operator. Both parties requested anonymity.
SANGER, TEXAS — Bob Moore Construction has started work on a 142,000-square-foot industrial facility for Ohio-based freight company R+L Carriers in Sanger, located near the Texas-Oklahoma border. The property will serve as R+L Carriers’ new truck terminal as the company streamlines its Texas operations. The project is expected to create 200 jobs over the next five years. A timeline for completion was not released.
CYPRESS, TEXAS — HCA Houston Healthcare has purchased North Cypress Medical Center, a 139-bed acute care facility located in Cypress, a northwestern suburb of Houston. Specialty services offered at the property include cancer services, chemotherapy, pediatrics, sports medicine, robotic surgery and medical nutrition therapy. The seller was not disclosed.
EL PASO, TEXAS — Hunt Capital Partners has provided $22.8 million in equity financing for the adaptive reuse of Blue Flame Apartments, a historic multifamily building in El Paso. Built in the 1954, the 18-story building has been vacant for the past 12 years and will now be converted into a mixed-use property with 120 affordable housing units and 39,672 square feet of commercial space. The project, which carries a total price tag of $55.3 million, is scheduled for completion by January 2020.
HOUSTON — Stream Realty Partners has negotiated a 411,460-square-foot industrial lease at Northwest Logistics Center in Houston with Goodman Manufacturing Co. LP, a producer of heating and air conditioning systems. The transaction is the final step in Stream Realty Partners’ “three-step” process, whereby the company develops, leases and sells a project. The company had a sale agreement with the undisclosed buyer before construction commenced. Northwest Logistics Center property features a cross-dock configuration, 32-foot clear heights and ample trailer storage. Seth Koschak of Stream Realty Partners represented Goodman in the lease negotiations. The Houston-based manufacturer plans to move into the building during the fourth quarter.
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.
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
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.
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.
