CROSBY AND DENTON, TEXAS — Columbus, Ohio-based RED Capital Group LLC has provided two acquisition loans totaling approximately $13.1 million for a pair of multifamily assets in Texas. In the first transaction, RED Capital originated a $9.7 million loan through HUD’s 221(d)(4) program for Crosby Plaza, an 86-unit affordable housing property located in the northeastern Houston suburb of Crosby. In the second transaction, the company provided a $3.4 million through Freddie Mac’s small balance loan program for Autumn Ridge Apartments, a 64-unit property in Denton.
DALLAS — CBRE has negotiated the sale of Haskell Flats, a 62-unit multifamily property in Dallas. The property was built in 2017 and includes a fitness center and a package locker system. Chris Deuillet, Chandler Sims, Nita Stewart and Jeremy Faltys of CBRE represented the seller, Haskell Flats LLC, in the transaction. The buyer was California-based Fisch Properties LP.
FREDERICKSBURG, TEXAS — The City Council of Fredericksburg, a city located about 80 miles west of Austin, has approved a proposal to develop a $78 million mixed-use project. Branded The Seven Hills Resort and Conference Center, the property will feature a 150-room hotel, 40,000-square-foot retail and restaurant village, 35,000-square-foot conference center and an outdoor amphitheater. According to The Houston Chronicle, the project is being developed by Houston-based Murphree & Co. and Dallas-based The Beck Group, and is expected to open in early 2020.
FORT WORTH, TEXAS — Irving-based Realty Capital Management (RCM) and Atlanta-based ArchCo Residential have broken ground on The Dylan, a 227-unit multifamily community in Fort Worth. The Class A property will also include 12,212 square feet of ground-floor commercial space. Residential amenities will include a pool and a fitness center. Dougherty Mortgage LLC secured a $31.8 million construction loan for the project through HUD’s 221(d)(4) program, the agency’s flagship program for financing the development and redevelopment of market-rate and affordable housing communities. The Dylan is currently slated for a January 2020 completion.
ARLINGTON, TEXAS — Colliers International has negotiated the sale of a three-building, 177,055-square-foot industrial property located at 1100, 1110 and 1120 Eden Road in Arlington. Tenants at the property include steel framing company Light Gauge Solutions Inc. and EMI Industries, a provider of refrigeration solutions to the restaurant industry. Lizzy Blake of Colliers represented the undisclosed sellers in the transaction. The buyer was Boston-based High Street Realty Co.
HOUSTON — JLL has brokered the sale of 63,550-square-foot flex/R&D building located at 5050 Westway Park Blvd. in Houston. Built in 2009, the property includes warehouse, office and lab space. Private investment firm GBP Industrial acquired the asset from Houston-based Vigavi for an undisclosed price. Dustin Volz, Kevin McConn, Rick Goings, Zane Marcell, Richard Quarles and Mark Nicholas of JLL brokered the deal.
MCKINNEY, TEXAS — New York-based Harborview Capital Partners has arranged an $8.7 million CMBS loan for an office/industrial asset located in the northern Dallas metro of McKinney. The non-recourse loan, which was provided by a New York-based lender, features a 10-year fixed-rate term and a 30-year amortization schedule. Jeffrey Fuchs of Harborview arranged the loan on behalf of an undisclosed, California-based borrower. The property was 100 percent occupied at the time of the loan closing.
In early 2017, real estate professionals in West Texas began to see a noticeable boost in demand for industrial properties across the Permian Basin. In keeping with economic tradition, demand for space in the Midland office market is now catching up to the industrial sector after a 12- to 18-month lag period. The beginning of 2018 is when Midland’s office market really began to gain steam, riding not only a surge in oil prices but also a 2.4 percent unemployment rate, which is more than a full percentage point below both the state and national averages. Several larger users entered the market at this time while some existing tenants, including Cimarex and Southwest Royalties, began looking for larger spaces. As of May 2018, the office occupancy rate had reached approximately 92 percent after wavering between 80 and 85 percent for much of the oil downturn. Average rents for office space are currently standing at about $22 per square foot for Class A space and $19 per square foot for Class B space. With approximately 6 million square feet of product, Midland’s office market is the unquestionable hub of the downstream side of the West Texas energy business. Any company with …
SAN ANTONIO — Los Angeles-based investment and management firm Gelt Inc. has purchased two adjacent multifamily properties totaling 588 units in north San Antonio. Melia is a 300-unit community located at 3431 Oakdale St. that was built in 1976 and is 95 percent occupied. Barcelo is a 288-unit property located at 3501 Pin Oak Drive that was built in 1972 and is 94 percent occupied. Both communities feature pools, fitness centers, outdoor grilling stations and business centers. Charles Cirar, Michael Wardlaw and Colin Cannata of CBRE represented the seller, FPA Multifamily LLC, in the transaction, which marks Gelt’s first commercial acquisition in Texas.
KATY, TEXAS — Fort Worth-based investment firm Olympus Property has acquired Vista at Grand Crossing, a multifamily community located in the western Houston suburb of Katy. Built in 2015, the Class A property features one-, two- and three-bedroom units. Amenities include a pool, fitness center, coffee bar, hiking and biking trails, bocce court, a tanning salon and a dog park. The property has since been rebranded Olympus Grand Crossing. The seller was not disclosed.