Texas

RightQuest Breaks Ground on Phase II of Bella Vista Apartments in Brownsville, Texas

by Amy Works December 1, 2016

BROWNSVILLE, TEXAS — RightQuest LLC has broken ground on the second phase of Bella Vista Apartments, a market-rate apartment community in Brownsville. The second phase of the community includes the addition of 144 apartments, a swimming pool, laundry facility, dog park and additional amenities. The first units of the second phase will be available for occupancy in July 2017. Upon completion, the property will feature 272 apartments, include 128 units from the first phase, two swimming pools, a clubhouse and a variety of amenities. Future phases also include the development of two three-acre commercial pad sites fronting Ruben M. Torres Sr. Boulevard. RightQuest is developing the property on behalf of Brownsville-based JJR Group. The project team for the second phase includes B&A Architects, Mejia & Rose Inc., Nations Construction, SSP Design and Davidson Design Group. IBC Bank-Brownsville is providing the financing for the project. Capstone Real Estate Services is providing lease-up and property management services.

December 1, 2016

Equus Capital Partners Sells 136,444 SF Office Building in Austin

by Amy Works December 1, 2016

AUSTIN, TEXAS — Equus Capital Partners has completed the disposition of Pecan Park, an office property located at 10800 Pecan Park Blvd. in Austin. An affiliate of Mark IV Capital Properties acquired the office building for an undisclosed price. Built in 2009, the four-story, 136,444-square-foot property features a state-of-the-art fitness center and a conference center. Additionally, the building is LEED certified and offers a parking ratio of 4.65 spaces per 1,000 square feet.

December 1, 2016

Multifamily Texas

Marcus & Millichap Arranges Sale of 172-Unit Apartment Community in Carrollton, Texas

by Amy Works December 1, 2016

CARROLLTON, TEXAS — Marcus & Millichap has arranged the sale of Fox Creek Apartments, a multifamily property located at 1910 S. Josey Lane in Carrollton. Constructed in 1969, the property features 172 units in floor plans ranging from 712 square feet to 1,000 square feet, a swimming pool, on-site laundry facility, open parking and on-site management and maintenance. John Barker and Joshua Ross of Marcus & Millichap represented the undisclosed seller, while Barker also procured the buyer, a California-based private investor. Tim Speck is Marcus & Millichap’s broker of record in Texas. The acquisition price was not released.

December 1, 2016

Loans Multifamily Seniors Housing Texas

Harborview Closes Two Seniors Housing Loans Totaling $17M in Texas

by Amy Works December 1, 2016

GRAPEVINE and BUDA, TEXAS — Harborview Capital Partners, a New York-based commercial real estate finance, equity and advisory firm, has closed $17 million in loans for seniors housing communities in Texas. The first loan was a $10.9 million acquisition loan for a 100-bed skilled nursing facility in the Dallas suburb of Grapevine. The second loan was a $6.1 million construction loan for a 48-bed assisted living facility in the Austin suburb of Buda. Avi Begun, senior originator with Harborview, closed both transactions. The borrowers and names of facilities were not disclosed.

December 1, 2016

Industrial Office Texas

Cypressbrook Co. Closes Three Deals Totaling 69,604 SF in Texas

by Amy Works December 1, 2016

HUMBLE, SPRING AND WALLER, TEXAS — Cypressbrook Co. has arranged three transactions totaling 69,604 square feet of office and warehouse space in Texas. In the first transaction, John Hornbuckle of Cypressbrook Co. represented the landlord, Cypressbrook Huntington Volta LP, in the lease of 56,404 square feet of warehouse distribution space, located at 8575 Volta Drive in Humble’s Kenswick Air Freight submarket, to MIQ Logistics. Barrett Gibson of Colliers International represented the tenant. In the second deal, Coil Tubing Technology Inc. sold a 6,000-square-foot office building located at 22305 Gosling Road in Spring. Southern Texas Section PGA acquired the property for an undisclosed price. Joyce Sterling of Cypressbrook Co. represented the seller, while Randy Wilhelm of NAI Partners represented the buyer. In the third transaction, V.J. Towry leased 7,200 square feet of office and warehouse space, located at 41254 Park 290 Drive in Waller, to Cannon Construction. Denis Ksiazek of Cypressbrook Co. represented the landlord, while Melissa Hegemeyer of Coldwell Banker Properties Unlimited represented the tenant.

December 1, 2016