AUSTIN, TEXAS — Condor Hospitality Trust Inc., a Maryland-based, publicly traded hospitality REIT, has acquired a 122-room TownePlace Suites hotel located in the North Tech Ridge submarket of Austin. The purchase price of the Marriott-branded asset was approximately $19.7 million. Aimbridge Hospitality will continue to manage the pet-friendly property, which features 24-hour fitness and business centers and an outdoor pool with a fire pit.
SAN ANTONIO — Marcus & Millichap has brokered the sale of 12414 Nacogdoches Road, an 11,200-square-foot office property in northeast San Antonio. The two-story property consists of seven suites totaling 8,800 square feet of net rentable space. Joshua Murphy of Marcus & Millichap represented the seller and procured the buyer, both of which were undisclosed limited liability companies.
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.
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.
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.
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.
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.
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, …
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.
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.
