Texas

Falcon Group to Develop 312-Unit Apartment Community in San Antonio

by Taylor Williams December 4, 2017

SAN ANTONIO — Houston-based multifamily developer Falcon Group will develop a 312-unit apartment community that will be situated within the master-planned community of Briggs Ranch in San Antonio. Designed by Meeks + Partners, the property will consist of 14 three-story buildings with one-, two- and three-bedroom units ranging in size from 736 to 1,411 square feet. Amenities will include a pool, pet park, fitness center, business center, chef kitchen with cooking classes, a media room with a theater and a resident lounge with workspaces. The groundbreaking is slated for the first quarter of 2018 with a targeted completion date of summer 2019.

December 4, 2017

Walker & Dunlop Closes $33.5M Green Loan for Apartment Community in San Antonio

by Taylor Williams December 4, 2017

SAN ANTONIO — Walker & Dunlop has closed a $33.5 million green loan for the refinancing of The Place at Castle Hills, a 680-unit multifamily community located at 11800 Braesview Drive in north San Antonio. The Class B, garden-style property offers one- and two-bedroom units and amenities such as pools, a fitness center, spa and walking trails. Alex Inman of Walker & Dunlop placed the loan on behalf of the borrower, Arizona-based MC Cos. through Freddie Mac’s Green Up program. The proceeds will be used to refinance existing debt and to fund the installation of environmental improvements including low-flow kitchen/bathroom aerator faucets, toilets and showerheads.

December 4, 2017

Loans Multifamily Texas

Capital One Provides $20.5M Loan for 288-Unit Apartment Property in Dallas

by Taylor Williams December 4, 2017

DALLAS — Capital One Multifamily Finance has provided a $20.5 million loan for The Georgian, a 288-unit multifamily property located at 18880 March Lane in north Dallas. The property offers one- and two-bedroom units and amenities such as a pool, a dog park, resident clubhouse and on-site laundry facilities. Seth Grossman and Sarah Kuebler of Meridian Capital Group arranged the Freddie Mac loan, which features a 15-year term and a fixed interest rate. The borrower was not disclosed.

December 4, 2017

Retail Texas

Rubicon Realty Breaks Ground on 15,000 SF Retail Center in Metro Houston

by Taylor Williams December 4, 2017

MISSOURI CITY, TEXAS — Rubicon Realty Group has broken ground on Shops at Pebble Creek, a 15,000-square-foot retail center that will be located at the corner of State Highway 6 and Lake Olympia Parkway in the southwestern Houston metro of Missouri City. The property will offer 80-foot building depths and 5.45 parking spaces per 1,000 square feet. Construction is expected to be complete by the second quarter of 2018. Base rents are currently slated to start at $30 to $32 per square foot per year.

December 4, 2017

Industrial Texas

Monmouth Purchases New 300,000 SF Industrial Asset Leased to Amazon in OKC for $30.2M

by Taylor Williams December 1, 2017

OKLAHOMA CITY — Monmouth Real Estate Investment Corp., a New Jersey-based, publicly traded REIT, has purchased a 300,000-square-foot industrial property leased to Amazon Fulfillment Services Inc. in Oklahoma City for approximately $30.2 million. Construction of the property, which is situated on 123 acres at 1414 S. Council Road near Will Rogers International Airport on the city’s west side, was completed within the last few months. Amazon is currently under a 10-year net lease agreement at the property.

December 1, 2017

Multifamily Texas

PGIM, Hanover Acquire 396-Unit Apartment Community in Houston

by Taylor Williams December 1, 2017

HOUSTON — A joint venture between PGIM Real Estate, the asset management arm of Prudential Financial Inc. and Houston-based investment firm Hanover Co. has acquired Hanover Hermann Park, a 396-unit, Class A multifamily community in Houston. Formerly known as Mosaic at Hermann Park, the 29-story property is located at 5927 Almeda Road near the Texas Medical Center on the city’s south side. Amenities include 20,087 square feet of ground-floor retail space, a 6,500-square-foot sky lounge overlooking Hermann Park, a 6,000-square-foot fitness center, pool with cabanas and a dog park.

December 1, 2017

Loans Multifamily Seniors Housing Texas

KeyBank Secures $192.5M Refinancing for Seniors Housing Portfolio in Texas

by Taylor Williams December 1, 2017

CLEVELAND — Cleveland-based KeyBank Real Estate Capital has provided $192.5 million in refinancing for a portfolio of six seniors housing properties located throughout Texas. The properties were all built between 2006 and 2008 and total 1,238 units. Charlie Shoop and Caleb Marten of KeyBank structured the Freddie Mac loans, which included 10-year interest-only terms and were used to refinance an existing bridge loan provided by KeyBank. The funds were secured on behalf of the borrower, healthcare and seniors housing investment firm Kayne Anderson Real Estate Advisors.

December 1, 2017

Office Texas

CBRE Brokers Sale of 237,894 SF Office Building Within Las Colinas in Irving

by Taylor Williams December 1, 2017

IRVING, TEXAS — CBRE has brokered the sale of Canal Centre, a 237,894-square-foot, Class A office building located at 400 E. Las Colinas Blvd. in Irving’s Las Colinas district. Eric Mackey, Gary Carr, John Alvarado, Evan Stone, Jared Chua and Robert Hill of CBRE represented the seller, a partnership between California-based Libitzky Property Cos. and Dallas-based Sunwest Real Estate Group. Canal Centre Investors LLC purchased the asset for an undisclosed price. The property, which offers amenities such as a fitness center, six-story parking garage and cafè, was 90 percent leased at the time of sale to tenants such as Power Line Services and Volkswagen.

December 1, 2017

Hospitality Texas

Champion Hotels Acquires 354-Room Tower Hotel in Oklahoma City

by Taylor Williams December 1, 2017

OKLAHOMA CITY — Champion Hotels, an Oklahoma City-based hospitality operator, has acquired the 354-room Tower Hotel located at 3233 Northwest Expressway in northwest Oklahoma City. The property, which operated as a full-service Marriott hotel until 2013, will be converted into a 215-room Embassy Suites hotel within the next 12 months. The project will not only convert the hotel into a two-room suite layout, it will also involve the construction of an additional 95-room limited service property adjacent to the main hotel. HotelBrokerOne and NAI Global brokered the sale. The seller was not disclosed.

December 1, 2017

Industrial Market Reports Texas Texas Market Reports

Direct Vacancy Reaches 12-Year Low in San Antonio Industrial Market

by Taylor Williams December 1, 2017

As we enter the fourth quarter, fundamentals are strong in San Antonio’s industrial market, with direct vacancy tightening and continuing the hot streak it’s been on the past few years. At the third quarter’s end, the metro’s direct vacancy rate stood at 5.4 percent, down from 6.2 percent during the second quarter and 5.8 percent during 2016. In fact, that 5.4 percent direct vacancy rate represents a 12-year low. The figure is a far cry from the 9.3 percent direct vacancy registered during the third quarter of 2006 — the last time the market posted a rate above 9 percent. This d in direct vacancy is particularly noteworthy given that more than 10 million square feet of inventory has been added to the market since that time. The shrinking rate has also coincided with a slight increase in direct average asking rent, which now stands at $5.99 per square foot following a $0.16 quarter-over-quarter increase. Driving the falling vacancy numbers was an economy that fast-tracked over the summer. The San Antonio Business-Cycle Index increased at its fastest pace since 2016, while the area unemployment rate remained the same and job growth surged. Job growth increased at a 3.6 percent annualized …

December 1, 2017

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