SAN ANTONIO — JLL has arranged the sale of Villa de Oro, a 150-unit multifamily community located in southwest San Antonio. Situated on roughly five acres, the property consists of eight three-story buildings and features amenities such as a clubhouse, grilling area, pool and a playground. C.W. Sheehan of JLL secured an undisclosed amount of acquisition financing for the transaction on behalf of Achieve Investment Group, an Austin-based investment firm. Moses Siller of JLL brokered the sale.
HOUSTON — After several years of sluggish rent growth, heavy concessions and tepid absorption brought on by the oil slump, investors are returning to Houston’s multifamily market with quite a bang. Rent growth and absorption were particularly weak in the city’s Class A multifamily space over the past few years. But with oil prices stabilizing (currently at about $68 per barrel of West Texas intermediate crude) and overall population growth still booming, multifamily investors are rethinking their positions on the Bayou City. “For the past two or three years, capital had been going elsewhere,” said Bruce McClenny, president of Houston-based research firm Apartment Data Services, during his keynote address at the second annual InterFace Houston Multifamily conference. “But that’s about to change.” Panelists at the event agreed that Houston’s construction pipeline for new apartments is thinning, stabilized properties are being brought to market and sellers are seeing more bids on assets they’re marketing. All this activity points to a previously overbuilt market turning the corner. Multifamily developers, lenders and brokers discussed these trends and others at the conference, held on Tuesday, April 17 at the Royal Sonesta Hotel in Houston’s Galleria neighborhood. The event drew about 150 real estate professionals. …
FARMERS BRANCH, TEXAS — JPI has broken ground on Jefferson Alpha West, a 409-unit apartment community in Farmers Branch. The four-story property will be located within the Alpha + Inwood mixed-use development, which will include a 155-room ALOFT hotel, 296,000 square feet of office space and 22,000 square feet of retail space. Residential amenities will include a pool, rooftop lounge, clubhouse and a dog park. Occupancy at Jefferson Alpha West is scheduled for the end of 2019 and completion of the project is slated for mid-2020.
BAYTOWN, TEXAS — Houston-based E.E. Reed Construction LP has completed a 712,740-square-foot warehouse/distribution center situated on 170 acres in the eastern Houston suburb of Baytown. Built on behalf of Ravago Americas, a supplier of rubber and plastic, the property features a tilt-wall configuration, 30,000 square feet of office space, a 200-car railyard and a truck maintenance facility. Houston-based Powers Brown Architecture designed the property.
AUSTIN, TEXAS — CBRE has secured a $78 million loan for the refinancing of The Triangle, a mixed-use property in Austin that includes 529 multifamily units and roughly 120,000 square feet of retail and restaurant space. Residential amenities include three pools, a 24-hour fitness center and a resident lounge. Brian Eisendrath, Brandon Smith and Annie Rice of CBRE secured the seven-year, floating-rate loan on behalf of The Dinerstein Cos., a Houston-based development firm that acquired the property in 2017.
DALLAS — Transwestern has brokered the sale of Plaza Del Lago, a 320-unit multifamily community in Dallas. Built in 1982, the property is located on the city’s northwestern side near Dallas Love Field Airport. Amenities include two pools, outdoor grilling areas, on-site laundry facilities, a dog park and a playground. Taylor Snoddy, Philip Wiegand and James Roberts of Transwestern represented the seller, DIJ Plaza Del Lago LLC, in the transaction. The buyer and sales price were not disclosed.
HOUSTON — Henry S. Miller Brokerage Co. (HSM) has negotiated the sale of two warehouses totaling approximately 29,000 square feet in Houston. The two buildings are located at 10440 Windfern Road on the city’s northwest side. Sam Chang of HSM represented the buyer, GAC Windfern LLC, in the transaction. Adam Strauss of New Regional Planning represented the sellers, the estates of two private investors.
HOUSTON — CBRE has arranged $59 million in construction financing for The Village of Southampton, a 17-story seniors housing community in Houston. A joint venture between Bridgewood Property Co. and Harrison Street Real Estate Capital is developing the building. The community will feature 204 independent living, assisted living and memory care units within the high-end Rice Village mixed-use development. Rice Village includes more than 300 shops and restaurants within a 16-block area. Located four miles southwest of downtown Houston, Rice Village is near Rice University, the Houston Museum District and the Texas Medical Center. Retirement Center Management, Bridgewood’s wholly owned management affiliate, will operate the property upon completion. A timeline for construction was not released. Aron Will and Austin Sacco of CBRE’s National Senior Housing group secured the five-year, interest-only loan through two national banks.
KATY, TEXAS — VillaSport Athletic Club & Spa, an operator of upscale fitness clubs, will open a 121,000-square-foot athletic facility within Stableside at Falcon Landing, a 270,000-square-foot retail development in Katy. The facility will feature NBA-size basketball courts, yoga and Pilates studios, indoor and outdoor pools and a 12,000-square-foot kids club. Development of the center, which marks Phase II of Stableside at Falcon Landing, is expected to be complete by late summer 2019. Austin Alvis and Brad Elmore of NewQuest Properties, the master developer of Stableside at Falcon Landing, represented the landlord internally in the lease negotiations. Jason Baker and Lunden McGill of Baker Katz represented VillaSport, which currently operates five fitness facilities throughout the country.
AUSTIN, TEXAS — NXT Capital has provided a $25 million acquisition loan for a 230-unit, Class B apartment community located roughly eight miles south of downtown Austin. Situated one mile east of Interstate 35, the unnamed property’s amenities include a clubhouse, business center, fitness center, after school program operated by a nonprofit organization, swimming pool, grilling area, playground and an on-site bus stop.
