HOUSTON — Armstrong Medical Supply LLC has leased 9,600 square feet within Racepark Center at 6818 N. Sam Houston Parkway West in Houston. Lee & Associates’ Thomas Leger and Mike Spears represented the landlord, Turnaround Properties LLC. Richard Frye of Adkisson Group Inc. represented the tenant.
DALLAS — CBRE Capital Markets’ Debt & Structured Finance team has arranged $32.1 million in financing for the acquisition of a portfolio of industrial properties in Dallas. The buyer of the portfolio, known as Riverbend, is a joint venture between Augustus Investment Holdings and Taurus Investment Holdings. Citizens Bank provided the capital. The acquisition includes 15 buildings totaling 962,000 square feet. The portfolio was 95 percent leased at the time of sale. The specific properties in the portfolio were not named. Scott Lewis and Greg Greene with CBRE’s Dallas office originated and secured the financing.
AUSTIN, TEXAS — Trammell Crow Co. (TCC) and Clarion Partners, on behalf of a comingled fund, have acquired a 95-acre site for the development of Park 183, a master-planned industrial business park. The 964,000-square-foot project, located at the intersection of Burleson Road and U.S. Route 183 in Austin, will be developed in multiple phases. Phase I will consist of the speculative development of two buildings totaling 247,000 square feet and significant road, drainage and utility infrastructure for the industrial park. Construction is expected to begin in January 2017. The design team for Park 183 includes STG Design, Jones|Carter, Wylie Consulting Engineers and Bihner Chin Engineering Ltd. Leasing and marketing will be handled by Mark Emerick, John Barksdale, Ace Schlameus and Darryl Dadon of CBRE.
FRISCO, TEXAS — Embrey Partners has broken ground on Domain At The Gate, a 350-unit multifamily community located within the master-planned community of The Gate in Frisco. The community will offer one- and two-bedroom units. Shared amenities will include an 11,000-square-foot clubhouse; a two-level fitness center; a golf simulator; a dog spa; and a bike garage. The property is scheduled for completion in summer 2018. The Gate master-planned community is currently being developed by Invest Group Overseas, and will offer office, residential, hospitality and retail space.
SAN ANTONIO — BMC Capital has arranged a $2.6 million bridge loan for the purchase and renovation of The Dunes Apartments in San Antonio. The property offers one- and two-bedroom units. Community amenities include laundry facilities, a swimming pool and night patrol. The three-year, fixed-rate loan featured a 75 percent loan-to-cost ratio with two to three years of interest-only payments, as well as funds for significant capital improvements. The loan was arranged by BMC on behalf of the undisclosed borrower through a non-bank lender.
ARLINGTON, TEXAS — Dougherty Mortgage LLC has closed a $1.1 million Fannie Mae supplemental loan for Arbor Terrace Apartment Homes, a 143-unit, pet-friendly multifamily community in Arlington that has an existing Fannie Mae mortgage in place. Community amenities include laundry facilities, a pool, gazebo, courtyard and a business center. Unit interiors include nickel fixtures, new appliances, kitchen pantries, ceiling fans and walk-in closets. Dougherty Mortgage’s Minneapolis office arranged the loan on behalf of the borrower, ATA202 Properties LLC. The loan features a term of seven years and seven months and a 30-year amortization schedule.
DALLAS — The multifamily market in Texas has cooled off on the lending and development front, and even leasing activity isn’t as robust as it once was in some markets. That’s the consensus of panelists at Interface Multifamily Texas, which took place last Thursday, Oct. 6 at the InterContinental Dallas. The conference’s opening panel, “What’s the Big Picture for Multifamily Supply, Demand & Demographics?” featured three economists specializing in the Texas multifamily market, all of whom agreed the sector was slowing from the same time a year ago. “‘Noise’ is a great term to use, and in our company we are using ‘chop’ to describe the market,” said Ryan Davis, senior economist with Witten Advisors. “Apartments are steady, but the economy is slowing from the ramp-up.” That said, the Texas economy is generating plenty of new jobs, which is a positive sign for apartments in certain markets, added Davis. Dallas Metroplex Shines Among individual markets, all agreed that Dallas/Fort Worth displayed the strongest real estate fundamentals. With the area benefiting from some large corporate relocations, demand for apartments is rising. Rents have grown in the market 7.7 percent over the past 12 months, and there are more than 30,000 units …
WEBSTER, TEXAS — Allied Orion Group has been selected to manage The Falls at Clear Lake, a 400-unit apartment community located in Webster, roughly 25 miles southeast of Houston. The property, located at 801 E. Nasa Road 1, is owned by a joint venture between Oak Coast Properties LLC and Becker Properties. The complex offers newly renovated one- and two-bedroom apartments and townhomes with walk-in closets and alarm systems. Community amenities include two swimming pools, a playground, dog park, picnic area with grills and optional covered parking. A state-of-the-art fitness center, bocce ball court and a gazebo with an outdoor kitchen are all currently under construction.
COLLEGE STATION, TEXAS — BMC Capital has arranged a $5.3 million loan for the acquisition of Broadstone Ranch at Wolf Pen Creek, a student housing community located minutes away from Texas A&M University in College Station. The property offers one- and two-bedroom units with washers and dryers and bed-to-bath parity. The FHA/HUD 223(f) loan features an 85 percent loan-to-value ratio and a 3.9 percent interest rate fixed over 35 years. Hank Crane of BMC Capital’s Austin office secured the loan on behalf of an undisclosed borrower through correspondent agency lenders.
HOUSTON — Lee & Associates’ Houston office has arranged a 16,800-square-foot lease for distribution/warehouse space at 8811 Wallisville Road, Suite D in Houston. Justin Tunnell of Lee & Associates represented the tenant, Flamingos Vintage Kilo, a vintage clothing manufacturer. John Kruse of Holt Lunsford Commercial represented the landlord, Buckhead Houston Industrial Portfolio, in the lease deal.
