LUBBOCK, TEXAS — Nebraska-based investment firm Metonic Real Estate Solutions has acquired Wyndham Apartments, a 144-unit multifamily community in Lubbock. The property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, a pet park and dry cleaning services. The company plans to upgrade the pool and clubhouse area as well as the unit interiors. The seller was not disclosed.
HOUSTON — The NAI Investment Fund has sold a 75,166-square-foot, Class B office building located at 12600 N. Featherwood Drive in southeast Houston. The property was the first asset purchased by NAI Investment Fund I, which was launched in 2015. Andrew Pappas and Adam Hawkins of NAI worked with Marty Hogan of HFF to close the sale, the buyer in which was not disclosed. NAI plans to fully deploy another fund this year with more than $80 million in capital.
KINGWOOD, TEXAS — Marcus & Millichap has brokered the sale of Kingwood Medical Plaza, a 12,000-square-foot medical office complex in Kingwood, about 30 miles northeast of Houston. Nate Newman and Doug O’Toole of Marcus & Millichap represented the seller, an individual/personal trust, in the transaction. Other terms of sale were not released.
SAN ANTONIO — The San Antonio City Council has approved the sale of 10 acres on San Antonio’s east side for the development of Echo East, a $65 million mixed-use project. The council also awarded a $450,000 grant for the project, which will be developed by Michigan-based Foremost Development Co. According to San Antonio Express-News, the project will include roughly 500 residential units and 25,000 square feet of retail space. A timetable for construction has not yet been established.
PLANO, TEXAS — Dallas-based Billingsley Co. will develop a 967,000-square-foot office campus within International Business Park, a 300-acre mixed-used development that spans the cities of Carrollton and Plano. The campus at 6161 Plano Parkway will include five buildings ranging in size between 180,000 and 211,000 square feet. Phase I will deliver a four-story speculative building and an amenity center with a 4,300-square-foot fitness center, 108-seat conference room and a tenant lounge with a coffee bar. Construction is slated to begin in May and wrap by August 2019.
RICHMOND, TEXAS — Berkadia has arranged the sale of Grand Mason at Waterside Estates, a 229-unit multifamily community in Richmond, a southwestern suburb of Houston. Built in 2015, the property features a mix of one-, two- and three-bedroom units and amenities such as a pool, fitness center, pet park and media room. Ryan Epstein, Jennifer Ray and Scott Bray of Berkadia represented the seller, Grand Mason Partners Ltd. A Fort Worth-based firm purchased the asset for an undisclosed price.
PLANO, TEXAS — Legacy Central, an office redevelopment located in the northern Dallas metro of Plano, has landed its first tenant. Roland Technology Group, an IT consulting firm, leased 22,761 square feet at the property, which features amenities such as nature trails, coffee kiosks, a rotation of food trucks, a fitness center and a 400-seat food hall. Kent Smith and Leslie Wood of NAI Robert Lynn represented Roland in the lease negotiations. Nathan Durham of Transwestern represented the landlord, Regent Properties.
IRVING, TEXAS — Lee & Associates has brokered the sale of a 20,864-square-foot industrial property located at 1624 W. Walnut Lane in Irving. Corbin Blount and Adam Graham of Lee & Associates represented the seller, communications firm Solaris Technologies. Trace Fielding and Greg Nelson of Paladin Partners represented the buyer, Mar-Lan Industries, a manufacturer of wire harness and electrical panels.
Since the Great Recession, a strong, steady pace of job creation has attracted thousands of new residents to the Texas capital. This growth has subsequently provided numerous job options for locals, pushing the area’s unemployment rate to 3 percent, one of the lowest in the country. Sinking unemployment, along with wages that have grown faster than the national rate, have spurred robust household formation trends over the last few years, benefiting the local housing market. Rents vs. Mortgages While the volume of apartment deliveries remains elevated compared to historical averages, favorable demographics and a shift in residents’ attitude toward homeownership keep demand for units strong. Rising home prices, especially within the city of Austin, have many residents looking to apartment living, as the concept of homeownership is fiscally out of reach. At the end of last year, the average effective rent of approximately $1,200 per month was $750 less than the monthly mortgage payment on a median-priced home, a disparity that has nearly doubled since 2012. As a result, the area’s homeownership rate has plummeted, clocking in at just over 50 percent in the third quarter of 2017, down from a high of 71 percent in 2006. As the renter …
HOUSTON — Much like the preferences of younger generations are influencing how retailers pick their locations and sizes, the whims of today’s office-using workforce significantly impact the way professional services companies view their office spaces. This is not strictly an amenities-based trend. It goes beyond adding fitness centers, walking trails and food trucks to cater to Millennial workers. It’s an evolution of the role that office space plays in company budgets and operations. For developers and brokers in the office sector, it means rethinking the ways in which they meet demand. A panel of veteran players in Houston’s embattled office market addressed this trend and others during the InterFace Houston Office Forecast on Feb 1. Approximately 150 real estate professionals attended the event, which was held at the Royal Sonesta hotel in the Galleria area of the city. Old Product Trails Trends Houston’s office market has been hobbled by high vacancy and negative absorption as a three-year slump in oil prices has taken a toll on Houston’s energy industry. In addition, the sector also suffers from a lack of modernized product. Panel moderator Rand Stephens, managing director at Avison Young, said the latter factor is increasing demand for build-to-suit projects …
