AUSTIN, TEXAS — The U.S. Army has selected Austin as the site of its new Futures Command headquarters, a project that will bring about 500 new jobs to the state capital. The Army’s Futures Command division will occupy space owned by the University of Texas (UT) in downtown Austin, with a directive to assess new weapons technology and emerging threats. The Army expects the new headquarters to be fully operational by summer 2019.
FORT WORTH, TEXAS — Greysteel has arranged the sale of Midtown Crossing, a 208-unit apartment property in Fort Worth. Built in 1984, the property consists of one- and two-bedroom units averaging 829 square feet per unit. Amenities include a pool and outdoor picnic areas with grills. Doug Banerjee, Boyan Radic, Andrew Mueller, Andrew Hanson and Jack Stone of Greysteel represented the undisclosed seller in the transaction. The buyer was also not disclosed.
GARLAND, TEXAS — Maryland-based Berkeley Point Capital has provided a $20.5 bridge loan for Broadway Apartments, a 288-unit multifamily asset located in the northeastern Dallas metro of Garland. Built in 1982, the pet-friendly community offers one- and two-bedroom units, as well as two pools and a fitness center. Proceeds from the loan will fund renovations to the property’s common areas, landscaping and amenity spaces, as well as its unit interiors and exteriors. New York-based Bedrock Capital arranged the loan on behalf of the borrower, Exponential Property Group.
THE COLONY, TEXAS — Lanoha Development Co. is underway on Live Grandscape, a 345-unit luxury apartment tower within Grandscape, a 433-acre mixed-use development located in the northern Dallas metro of The Colony. The 419,000-square-foot tower, which will include studio, one- and two-bedroom apartments, broke ground earlier this year. Amenities will include multiple pools, outdoor amenity spaces with cabanas and lounges, multi-story exercise facilities, a dog park, theater and coworking office spaces. Move-ins are scheduled to begin in 2020. Lanoha is based in Omaha, Neb., same as Grandscape’s developer and anchor retailer, Berkshire Hathaway-owned Nebraska Furniture Mart.
SPRING, TEXAS — A joint venture between Patrinely Group, USAA Real Estate and CDC Houston has broken ground on a 102,250-square-foot mixed-use property within the 60-acre CityPlace development in the northern Houston metro of Spring. The project will deliver a 52,250-square-foot building with approximately equal amounts of office and retail space, as well as a 50,000-square-foot, 10-screen Star Cinema Grill. Completion is slated for the first quarter of 2019.
RICHARDSON, TEXAS — Dallas-based Cantrell Co. & Partners has arranged the sale of Camelot Apartments, a 117-unit multifamily community in the northern Dallas metro of Richardson. The property was built in phases in 1966 and 1970 and includes two pools, a fitness center and a playground. Sam Pettigrew of Cantrell represented the Toronto-based seller, which recently invested $650,000 in capital improvements to the property, in the sale. Pettigrew also represented the buyer, JSNB Camelot LLC, which will continue to make upgrades. Camelot Apartments was 96 percent occupied at the time of sale and drew a dozen offers.
IRVING, TEXAS—Investment and management firm Hartman Income REIT has sold Skyway Business Center, a 66,504-square-foot industrial asset located near Dallas-Fort Worth (DFW) International Airport in Irving. Built in 1981 and acquired by Hartman Income REIT in 2008, the property was roughly 73 percent leased at the time of sale. The buyer was Dallas-based Dalfen America Corp.
HOUSTON — T-Mobile has signed a 29,142-square-foot office lease at the 17-story River Oaks Tower in the Greenway area of Houston. As the anchor tenant, the telecommunications giant will occupy three and a half floors and install signage atop the building. The owner of the property, Medistar Corp., will rename it “T-Mobile Tower” and will welcome the company into its new space in early 2019. Tami Pearson of Waterman Steele represented T-Mobile in the lease negotiations. Doug Pack and Sam Hansen of Avison Young represented Medistar.
HOUSTON — Tradition Senior Living has broken ground on The Tradition-Woodway, a 23-story seniors housing property that will be located in the Tanglewood area of Houston. The community will feature 222 independent living residences and 92 assisted living/memory care units. Amenities will include lounges and card rooms, a movie theater, indoor golf simulator, indoor pool, fitness center, dog park and a putting green. Jackson & Ryan Architects is handling design of the project and D.E. Harvey Builders is serving as general contractor. The opening is scheduled for April 2020.
HOUSTON — Fein, a Houston-based multifamily development firm, has acquired 3.3 acres for the development of Reverie at River Hollow, a 304-unit apartment community that will be located in the Post Oak area of Houston. Designed by Steinberg Dickey Collaborative, the property will feature one-, two- and three-bedroom units ranging in size from 558 to 1,966 square feet. Amenities will include a pool, rooftop clubhouse, fitness center, pet spa and a bike shop. The groundbreaking is slated for August and completion is scheduled for the fourth quarter of 2020. Simmi Jaggi and Elizabeth Clampitt of JLL represented the seller in the land sale. Chris Bergmann, also of JLL, represented Fein in that transaction.
