SAN ANTONIO — Castle Lanterra Properties has purchased Agave, a 349-unit, Class A multifamily community located at 633 S. Saint Mary’s St. near downtown San Antonio. The property, which was built in 2016, features amenities such as a resort-style pool, outdoor kitchen and gaming area, fitness center and a yoga studio. A joint venture between Greystar and asset management firm The Carlyle Group sold the property to Castle Lanterra for an undisclosed price.
ALLEN, TEXAS — Private equity firm Vestar has secured $8.6 million in financing for Twin Creeks Marketplace, a 43,134-square-foot retail center located at 1265 W. Exchange Parkway in the Dallas-Fort Worth metro of Allen. The property, which was developed in 2016, was 100 percent leased at the time of loan closing to anchor Sprouts Farmers Market, as well as tenants such as Verizon Wireless, Starbucks Coffee and Advancial Credit Union. Vestar secured the 15-year loan through Lincoln National Life Insurance Co.
LAKE JACKSON, TEXAS — NAPA Ventures, an Austin-based investment firm, has acquired Treasure Bay Apartments and Oyster Creek Apartments, two multifamily properties totaling 401 units in Lake Jackson, a city roughly 60 miles south of Houston. Both properties are located off Nolan Ryan Expressway and were purchased in partnership with a Dallas-based private equity firm. NAPA plans to upgrade both properties’ landscaping, parking areas, leasing offices and business centers, as well as the interiors of the units.
CARROLLTON, TEXAS — CBRE has brokered the sale of Estrada Apartments, a 244-unit multifamily community located at 1919 Walnut Plaza in the Dallas-Fort Worth metro of Carrollton. Estrada EP LP purchased the property from VTP Realty, an Irving-based firm, for an undisclosed price. The community was 96 percent occupied at the time of sale.
COLLEGE STATION, TEXAS — Oldham Goodwin Group LLC, a brokerage and development firm based in Central Texas, has brokered the sale of University Shopping Center, a 170,000-square-foot retail power center in College Station. Located at 1901 S. Texas Ave. approximately half a mile from Texas A&M University, the center is anchored by tenants such as Ross Dress for Less, Big Lots and Hobby Lobby. Clint Oldham of Oldham Goodwin represented the seller, Allegiancy, a Virginia-based asset management firm, and procured the undisclosed buyer.
ABILENE, TEXAS — New Mexico-based Prestige Development Group will break ground this month on The Shops at Abilene Village, a 171,027-square-foot shopping center that will be located at 3550 S. Clack St. in Abilene. Approximately 85 percent of the space is preleased to tenants such as Academy Sports + Outdoors, Burlington and Petco. Delivery of the center is scheduled for 2018.
AUSTIN, TEXAS — Ready Capital Structured Finance, a New York-based lender, has closed a $5.7 million loan for the acquisition, renovation and stabilization of a 72-unit multifamily property located at 2201 W. William Cannon Drive in Austin. The Class B, garden-style property consists of seven two-story buildings. The non-recourse, interest-only loan has a 36-month term with one extension option.
PASADENA, TEXAS — JLL has negotiated a 68,333-square-foot lease renewal on behalf of Wrist USA Inc., a Houston-based logistics firm, at East Belt Business Park in Pasadena. Built in 2007, the industrial property is located at 1485 Sam Houston Parkway and features a cross-dock configuration, wide truck courts and 24-foot clear heights. Ryan Fuselier and Travis Secor of JLL represented the tenant in the lease negotiations. Faron Wiley of CBRE represented the landlord, Morgan Stanley.
KATY, TEXAS — Edifis Group, a Texas-based investment firm, has sold Grand Crossing II, an 8,500-square-foot retail strip center located at the intersection of Interstate 10 and Grand Parkway in Katy. At the time of sale, the property, which is shadow-anchored by Costco, was 100 percent leased to Sleep Number, GrandLux Nail Lounge and American Dental Partners. Ryan West of HFF represented the seller in the transaction.
PLANO, TEXAS — Love Funding, a subsidiary of publicly traded lender Midland State Bancorp Inc., has provided a $87.3 million HUD loan for the construction of LVL 29, a high-rise apartment complex located within the Legacy West development in Plano. Leonard Lucas of Love Funding arranged the non-recourse loan, which is the largest construction loan ever issued by HUD in the Southwest region. The developer of LVL 29, NE Development, expects to deliver the property in May 2019.
