Texas

Ziegler Secures $94.7M Bond Refinancing for 310-Unit CCRC in Austin

by Taylor Williams January 19, 2018

AUSTIN, TEXAS — Chicago-based investment bank Ziegler has secured $94.7 million in bond financing for Longhorn Village, a 310-unit continuing care retirement community (CCRC) in Austin. The alumni association of the University of Texas sponsors the nonprofit community, which is situated on 55 acres and features 214 entrance-fee independent living units, 20 assisted living suites, 16 memory support suites and 60 skilled nursing beds. Proceeds from the bonds will advance refund $85.1 million of Longhorn Village’s 2012 bonds, as well as fund $2 million for routine capital expenditures and a debt service reserve fund.

January 19, 2018

Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 635-Unit Self-Storage Facility in Corpus Christi

by Taylor Williams January 19, 2018

CORPUS CHRISTI, TEXAS — Marcus & Millichap has brokered the sale of Bay Area Mini Storage, a 635-unit self-storage facility located at 2301 Rodd Field Road in Corpus Christi. The property features 95,479 square feet of net rentable space and visibility from State Highway 357, and has undergone three expansions since its original construction in 2003. Jon Danklefs and Michael Mele of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, a private investor. Both parties requested anonymity.

January 19, 2018

Healthcare Oklahoma Texas

Inland Purchases 33,500 SF Medical Office Building in Oklahoma City

by Taylor Williams January 19, 2018

OKLAHOMA CITY — Inland Real Estate Acquisitions LLC has purchased the Surgical Hospital of Oklahoma, a 33,500-square-foot medical office building located at 100 SE 59th St. near downtown Oklahoma City. The inpatient, acute care hospital offers 12 beds and seven operating rooms equipped to handle laser procedures, pain management and short-term hospitalization. Mark Cosenza and David Neboyskey of Inland secured the acquisition on behalf of an Inland affiliate. Mark West, Coler Yoakam, Anthony Frogameni and Michael George of HFF represented the seller, Atlanta-based Pro Realty LLC.

January 19, 2018

Multifamily Seniors Housing Texas

NHI Acquires 121-Bed Skilled Nursing Facility in Metro Dallas for $14.4M

by Taylor Williams January 19, 2018

WAXAHACHIE, TEXAS — National Health Investors Inc., a publicly traded seniors housing and healthcare REIT, has acquired a 121-bed skilled nursing facility in the southern Dallas metro of Waxahachie for $14.4 million. NHI will lease the facility, which opened in late 2016, to The Ensign Group, which operates 16 skilled nursing facilities in Texas. The acquisition was funded by NHI’s revolving credit facility.

January 19, 2018

Office Texas

ECR Negotiates 12,780 SF Office Lease in Austin

by Taylor Williams January 19, 2018

AUSTIN, TEXAS — Equitable Commercial Realty (ECR) has negotiated a 12,780-square-foot office lease at 800 Brazos St. in Austin. Jason Steinberg and Matt Levin of ECR represented the landlord in the lease negotiations. Will Douglas and Todd Gilfillan of CBRE represented the tenant, Concierge Auctions LLC, a New York-based auction house.

January 19, 2018

Market Reports Multifamily Texas Texas Market Reports

Turning the Page: Houston’s Multifamily Market Poised for Growth in 2018

by Taylor Williams January 19, 2018

Houston’s resilient multifamily market has turned a corner and is poised for growth this year, according to experts across a range of industries. While the city faced significant headwinds in 2017, mainly a sluggish energy sector and a major hurricane that damaged thousands of homes and apartments, Houston’s strong fundamentals have paved the way for the multifamily market to post its strongest performance since 2015. The impacts of Hurricane Harvey generated unexpected changes in the multifamily market. The storm, estimated to be one of the costliest in U.S. history, damaged nearly 135,000 homes and more than 100,000 apartment units. Consequently, the rental market saw a spike in absorption from displaced homeowners and existing renters whose apartments were uninhabitable, thus reversing the supply imbalance and anemic rent growth that had stifled the market since the multifamily building boom — and subsequent oil bust — of 2015. Basic Numbers A surge in demand drove multifamily occupancy up 120 basis points to 90.1 percent between August and September of 2017, its highest level since the fourth quarter of 2015. The heightened demand translated into a monthly rent increase of 1.4 percent. In effect, rent grew to $999 per month on average in September, …

January 19, 2018

Office Texas

KDC Breaks Ground on $52M Headquarters for Independent Bank in McKinney

by Taylor Williams January 18, 2018

MCKINNEY, TEXAS — KDC has broken ground on the new, 165,000-square-foot corporate headquarters for Independent Bank Group, a subsidiary of regional lender Independent Bank. The Dallas Business Journal reported in July that the project is valued at roughly $52 million. The six-story property will be situated on 10.4 acres within the Craig Ranch Corporate Center in McKinney, a northern suburb of Dallas. Approximately 400 employees are expected to occupy the property upon completion, which is slated for December.

January 18, 2018

Hospitality Texas

DC Partners Nears Groundbreaking of 162-Room Hotel in San Antonio’s RiverWalk Area

by Taylor Williams January 18, 2018

SAN ANTONIO — Houston-based DC Partners will develop Thompson San Antonio Hotel, a 162-room hospitality project that will be located in the RiverWalk area of San Antonio. The 20-story property will also include 58 residences. Amenities will include 5,000 square feet of meeting space, a pool with cabanas and a bar, fitness center and a spa. Construction is expected to begin within the next month, according to realtynewsreport.com.

January 18, 2018

Retail Texas

HFF Negotiates Sale of 22,434 SF Shopping Center in San Antonio

by Taylor Williams January 18, 2018

SAN ANTONIO — HFF has negotiated the sale of Nacogdoches Crossing, a 22,434-square-foot shopping center located at 6826 N. Loop 1604 in northeast San Antonio. The property, which is shadow-anchored by a Walmart Supercenter and leased to tenants such as Taco Cabana and Rolling Oaks Dental, includes two acres of development-ready land that can accommodate about 19,000 square feet of additional retail space. John Taylor and Drew Fuller of HFF represented the seller, Santikos Real Estate Services, a San Antonio-based retail developer, in the transaction. A private investor purchased the asset free and clear of debt for an undisclosed price.

January 18, 2018

Affordable Housing Multifamily Texas

CBRE Brokers Sale of 100-Unit Affordable Housing Community in South Dallas

by Taylor Williams January 18, 2018

DALLAS — CBRE has brokered the sale of Rosemont at Timber Creek, a 100-unit affordable housing community in south Dallas. The property was built in 2003 and was 99 percent occupied at the time of sale. Amenities include a pool, playground, fitness center and business center. Jeff Kunitz, Alex Medeiros, Chris Deuillet and Chandler Sims of CBRE represented the seller, Cascade Affordable Housing, in the transaction. Minnesota-based Dominium Development and Acquisition purchased the property for an undisclosed price.

January 18, 2018

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