AUSTIN, TEXAS — Massachusetts-based Northland Investment Corp. has acquired The Park at Monterey Oaks, a 430-unit, Class A multifamily community located at 4701 Monterey Oaks Blvd. in southwest Austin. Built in 2000, the garden-style property consists of 15 two- and three-story buildings. Amenities include a property-owned park, community garden, nature trail, pool and boat parking. With this acquisition, Northland’s Austin portfolio totals 7,040 units across 19 properties.
KATY, TEXAS — CBRE has brokered the sale of Luxe at Katy Apartments, a 352-unit multifamily community located at 22631 Colonial Parkway in the western Houston metro of Katy. The property, which was built in 2013 and was 97 percent occupied at the time of sale, was previously branded Remington Katy. Units average 940 square feet per residence. Matt Phillips and Clint Duncan of CBRE represented the seller in the transaction. Michael Thompson of CBRE arranged acquisition financing on behalf of the buyer. Both parties requested anonymity.
HOUSTON — Capital Retail Properties (CRP), in a partnership with Wile Interests Inc., will develop Market at Houston Heights, a 30,000-square-foot retail and restaurant destination in northwest Houston. The property will be located at 1533 N. Shepherd Drive fronting Laird and West 16th streets. Individual components will include a 4,000-square-foot structure allocated to dining, 26,000-square-foot mixed-use building, 3,000-square-foot plaza with seating for community events and 160 parking spaces. The developers expect to deliver space for tenant build-out in the fall of 2018.
SAN ANTONIO — Silver Ventures has opened Cellars, a 122-unit multifamily complex situated within The Pearl, a mixed-use property in San Antonio. The 10-story building will offer one-bedroom units, as well as loft spaces and penthouses, with units ranging in size from 650 to 3,986 square feet. Amenities include 24-hour concierge and valet services, a rooftop pool with cabanas, a library, fitness center and a dog park. Rents start at $1,830 per month.
COLLEGE STATION, TEXAS — Oldham Goodwin Group LLC has arranged the sale of a 72,718-square-foot store leased to Academy Sports + Outdoors located at 2511 Earl Rudder Freeway in College Station. Oldham Goodwin Capital, the investment arm of Oldham Goodwin, sold the asset to a Texas-based private investor for an undisclosed price. Clinton Oldham represented the company internally in the sale, other terms of which were not disclosed.
LIVE OAK, TEXAS — Weitzman will develop Live Oak Town Center, an 830,000-square-foot retail center that will be located at the southwest quadrant of Interstate 35 and Loop 1604 in Live Oak, a northeastern suburb of San Antonio. A 300,000-square-foot IKEA will anchor the property, which will also feature 530,000 square feet of retail, restaurant and entertainment space. The project also includes the development of a public road to be named IKEA RBFCU Parkway, which will connect the center to Loop 1604. Construction of the IKEA, which will be the Swedish furniture retailer’s only location in South Texas, is slated to begin in spring 2018 with completion scheduled for spring 2019. Construction of the adjacent space is slated for a late 2019 completion.
WACO, TEXAS — Bob Moore Construction has completed a new distribution center for paint retailer Sherwin-Williams in Waco. The facility, which will service Texas, Oklahoma, New Mexico and Louisiana, offers 609,000 square feet of storage space with the capacity to expand the building footprint by 33 percent in the future. Bob Moore Construction, which also built a 346,000-square-foot distribution center in Waco for Sherwin-Williams in 1990, began work on the project in early 2016. Roughly 260 employees from the older center will move to the new facility, according to local news source KWTX.
EDINBURG, TEXAS — Dallas-based developer RightQuest has broken ground on Royal Vista Apartments, a 144-unit, Class A apartment community in the Rio Grande Valley (RGV) city of Edinburg. The property will be located along Sugar Road just west of Interstate 69, about three miles from the University of Texas Rio Grande Valley’s campus. The project also includes the development of two pad sites that can accommodate retail or hotel buildings. Amenities will include a media center, fitness center, resort-style pool with cabanas, a dog park and on-site storage facilities. The first units are expected to be available for occupancy in the summer of 2018. Houston-based Nations Construction Inc. will serve as general contractor on the project, which is being developed on behalf of Brownsville-based JTMR LLC.
SAN ANTONIO — Ridgeline Capital Partners, a Dallas-based investment firm specializing in the healthcare sector, has acquired Connally Oaks Medical Center, a 42,000-square-foot, Class A medical facility located at 2130 N.E. Loop 410 in San Antonio. Built in 2008, the property is situated directly south of the 371-bed Northeast Baptist Hospital. Connally Oaks is currently 95 percent leased to eight medical practices, including oncology, neurology and dentistry, on triple net leases. Ridgeline Capital has now made seven healthcare acquisitions since its inception in early 2014.
HOUSTON — Marcus & Millichap has arranged the sale of Woods Retail Plaza, a 27,750-square-foot retail property located at 4658 FM 1960 W. in Houston, across from the 285,727-square-foot North Oaks Power Center Built in 1975, the property was 87 percent leased at the time of sale and had a list price of roughly $2.4 million. Jerry Goldstein of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was not disclosed.
