AUSTIN, TEXAS — Oden Hughes LLC has broken ground on Lenox Ridge, a 350-unit multifamily community that will be located in north Austin. The property will feature a 1,600-square-foot community work studio on the second floor, which will offer private and community offices, meeting rooms, an open-floor lounge and a hospitality bar. The community is scheduled to open in early 2019.
AUSTIN, TEXAS — KeyBank’s community development lending and investment group has secured $32.3 million in financing for the construction of Harris Ridge Apartments, a 324-unit multifamily complex that will be located in Austin. All units will be rented to residents earning at or below 60 percent of the area median income (AMI). Kyle Kolesar and Jeff Rodman of KeyBank arranged the financing through Freddie Mac’s Tax Exempt Loan program on behalf of NRP Group and the Housing Authority of the City of Austin. The loan, which includes 4 percent low income housing tax credits (LIHTC), features a 15-year term, 35-year amortization schedule and a 24-month interest-only period. Completion is slated for 2019.
FORT WORTH, TEXAS — A joint venture between Trademark Property Co. and ALTO Real Estate Funds has acquired 5000 South Hulen, an 86,943-square-foot, open-air shopping center in Fort Worth. Anchored by Barnes & Noble and Old Navy, the property was 95 percent leased at the time of sale. Other tenants include Potbelly Sandwich, Jamba Juice and Sprint. The seller was not disclosed.
HOUSTON — Marcus & Millichap has brokered the sale of 3033 Chimney Rock, an 80,653-square-foot office building located on Houston’s west side. Alex Zylberglait, Keith Lloyd and Chris Jones of Marcus & Millichap represented the seller, a limited liability company. Lloyd and Jones also secured the buyer, another limited liability company. Other terms of sale were not released.
CORPUS CHRISTI, TEXAS — NorthMarq Capital has closed $13.1 million in refinancing for an undisclosed, 218-unit multifamily property located in Corpus Christi. Randy Wolfe and Bert Roberds of NorthMarq secured the 12-year loan, which features a 12-year term, 35-year amortization schedule and three years of interest-only payments, through Fannie Mae’s Green Rewards program.
The resiliency of Houston’s industrial real estate market is truly astounding. Outsiders have always considered Houston to be an “oil town” whose economic success is tied to the geopolitical intricacies of the international energy markets. Yet three years into the oil and gas downturn, Houston has proven that it has a truly diversified economic base. The city’s industrial real estate market has consequently enjoyed a disproportionate benefit of that concerted effort to establish a truly balanced economy. From 2009 to 2014, while the national economy sputtered along due to anti-business policies of the Obama administration, Houston enjoyed a countercyclical economic boon as all sectors of the oil and gas industry added jobs, increased investment and drove demand for oil service-related real estate. Manufacturers and distributors made significant real estate commitments to property and equipment as they worked to meet the demand for materials and services related to the growth in domestic shale exploration and production. When the music stopped in November 2014, outsiders and pundits threw their hands in the air, called it the end of Houston’s growth story and declared that it would be the 1980s all over again. Houston real estate veterans, however, trusted the diversified economy and …
ARLINGTON, TEXAS — KWA Construction is nearing completion of Phase I of Arlington Commons, a 1,300-unit multifamily redevelopment project in Arlington valued at approximately $350 million. Developed in four phases by The Nehemiah Co. and designed by JHP Architecture/Urban Design, the project is redeveloping complexes that were built in the 1970s. The first phase will deliver 353 units. The project is being financed in part by $10.5 million in economic incentives from the City of Arlington.
AUSTIN, TEXAS — Walker & Dunlop has structured a $100 million Freddie Mac revolving credit facility for Presidium Group LLC, a multifamily investment firm with offices in Austin and Dallas. The credit facility was initially secured by Presidium’s acquisition of Solaris and The Violet, two garden-style multifamily properties in Austin totaling 722 units. Solaris totals 562 units and is located roughly three miles southeast of the CBD, while The Violet features 160 units and is located about six miles south of downtown. The credit facility includes an additional $50 million in excess capacity for a potential of $150 million in total financing. Alex Inman of Walker & Dunlop structured the five-year, non-recourse line of credit, which features a full term of interest-only payments.
STAFFORD, TEXAS — Berkadia has brokered the sale of Estates at Fountain Lake, a 306-unit multifamily community in the southwestern Houston metro of Stafford. The property was built in 1998 and offers one- and two-bedroom units with full-size washers and dryers and private terraces or balconies. Illinois-based Prime Property Investors Ltd. sold the asset to Missouri City, Texas-based GPI Investments LLC. Ryan Epstein, Cutt Ableson, Jennifer Ray and Scott Bray of Berkadia represented Prime Property Investors in the sale and arranged an undisclosed amount of Fannie Mae acquisition financing on behalf of GPI Investments.
CEDAR HILL, TEXAS — CBRE has arranged the sale of Primrose at Cedar Hill, a 132-unit seniors housing community located in the southwestern Dallas metro of Cedar Hill. Built in 2003, the property was 98 percent occupied at the time of sale. Amenities include a pool, fitness center, business center and an on-site laundry facility. Chris Deuillet and Chandler Sims of CBRE represented the seller, Cedar Hill Seniors Housing LLC, in the transaction. Kaufman Investments purchased the asset for an undisclosed price.
