DALLAS — Multifamily brokerage firm GREA has negotiated the sale of Park Lane Terrace, a 152-unit apartment complex located at 6864 Larmanda St. in the Vickery Meadows neighborhood of Dallas. According to Apartments.com, Park Lane Terrace was originally built in 1968. The property offers one-, two- and three-bedroom apartments with an average unit size that exceeds 800 square feet. A California-based firm sold the property to a private equity real estate firm, with both parties requesting anonymity. Mark Allen and Chibuzor Nnaji of GREA brokered the deal.
FORT WORTH, TEXAS — General contractor Linbeck has completed a 95,000-square-foot academic project at Texas Christian University (TCU) in Fort Worth. Known as Arnold Hall, the four-story building houses the Anne Burnett Marion School of Medicine and will function as a hub for some 240 medical students, nearly 150 faculty and staff and clinicians from affiliated hospitals. Arnold Hall features a commons area, library, classrooms and faculty offices and suites, as well as anatomy and experimental labs, medical simulation suite and a clinical skills room. The project team included CO Architects (design architect) and Hoefer Welker (executive architect).
IRVING, TEXAS — SiriusXM has signed a 58,350-square-foot office lease renewal in Irving. The Manhattan-based auditory broadcasting giant will remain the sole tenant at Building III of Freeport Business Center, which according to LoopNet Inc. was originally constructed in 1999, for an unspecified period of time. Tim Terrell and Rhett Miller with Stream Realty Partners represented the undisclosed landlord in the lease negotiations. Ryan Buchanan of CBRE represented SiriusXM.
AUSTIN, TEXAS — Merchants Capital has provided debt and equity financing for Travis Park Apartments, a 199-unit affordable housing complex in south-central Austin. The sponsor, Sena Affordable Communities, will use the proceeds to acquire and rehabilitate the property, which comprises 22 buildings. Merchants provided a $69.1 million Freddie Mac 4 Percent Low-Income Housing Tax Credit (LIHTC) Immediate TEL loan and $37.6 million in LIHTC equity as the syndicator, as well as a $29 million equity bridge loan for the rehabilitation period. Renovations are expected to take about 18 months to complete and will include the addition of new outdoor recreation areas and playgrounds; accessibility upgrades; window replacement; new boiler and cooling towers; kitchen and bathroom improvements; new energy star appliances; replacement of original fan coil units for heating and cooling; building envelope upgrades; and roof replacement and new signage. Michael Milazzo led the transaction for Merchants Capital.
SAN ANTONIO — Dallas-based developer Palladium USA has broken ground on a $79 million, 321-unit mixed-income multifamily project in San Antonio. Palladium Old FM 471 will be located on an 11-acre site on the city’s west side and will offer one-, two- and three-bedroom units that will be reserved for households earning between 30 and 80 percent of the area median income. Amenities will include a pool, fitness center, conference room, dog park, business center and a children’s playroom. Cross Architects is designing the project, and Brownstone Group is serving as the general contractor. HPA Design Group is handling interior design. Palladium is developing the project in partnership with the Bexar Management Development Corp. PNC Bank provided $32 million of equity and more than $35 million in long-term debt to the development team, and Texas Department of Housing and Community Affairs issued $36 million in tax-exempt bonds to finance the project. Preleasing is scheduled to begin next fall.
TOMBALL, TEXAS — Tricon Residential, a subsidiary of Blackstone, has completed a 148-unit build-to-rent-residential project in the northeastern Houston suburb of Tomball. Tricon Willow Creek features three- to four-bedroom homes with four different configurations that are furnished with stainless steel appliances, granite countertops, two-car garages and fully fenced backyards. Amenities include a pool, playground, dog park and sports park. Tricon developed the property in partnership with HHS Residential, a division of Plano-based Highland Homes. Rents start at $2,289 per month for a three-bedroom home.
DALLAS — Lone Star PACE has arranged $3.5 million in C-PACE financing for Meadow Park Tower, a 263,000-square-foot office building in North Dallas. The 15-story building was originally constructed in 1986 and last renovated in 2016. Bayview PACE provided the nonrecourse, fixed-rate financing, proceeds of which will be used to install sustainable energy-efficient windows and walls, LED lighting, improved HVAC systems and low-flow plumbing. Bradford Cos. owns the building, which was 90 percent leased at the time of the loan closing.
HOUSTON — Hicks Johnson PLLC has signed a 13-year, 21,000-square-foot office lease in downtown Houston. The litigation and arbitration law firm is taking space at 1550 on the Green, a 28-story, 375,000-square-foot building that the owner, international developer Skanska, completed earlier this year. Tyler Garrett and Chrissy Wilson of JLL represented Skanska in the lease negotiations. The deal brings the building to 54 percent occupancy. Hicks Johnson plans to take occupancy in late 2025.
DALLAS — JLL has arranged a loan of an undisclosed amount for the refinancing of three industrial buildings totaling 1.9 million square feet at Dallas-Fort Worth International Airport. The buildings in question are part of Phases II and III of the larger development known as DFW Commerce Center and feature 32- to 40-foot clear heights, 180- to 185-foot truck court depths and 399 total dock doors. Campbell Roche, Lauren Dow, Kristi Leonard, Ryan Pollack and Campbell Swango of JLL arranged the floating-rate debt through Ares Management Corp. on behalf of the borrower, a joint venture between Goldman Sachs Alternatives and CLX Ventures.
HALTOM CITY, TEXAS — Dallas-based MYCON General Contractors has broken ground on an approximately 1,600-unit self-storage facility for U-Haul in Haltom City, located north of Fort Worth. The facility will consist of a 28,866-square-foot pre-engineered metal building designated for U-Box storage, a 81,978-square-foot self-storage building and five drive-up storage buildings totaling 15,500 square feet. The project marks MYCON’s eighth collaboration with U-Haul and follows the groundbreaking of an 800-unit facility in Denton. Completion is slated for a March 2025 completion.