SAN ANTONIO — Institutional Property Advisors (IPA) has negotiated the sale of Vantage at Alamo Ranch, a 288-unit apartment community located near the Westover Hills area of San Antonio. Will Balthrope, Drew Kile and Jordan Featherstone of IPA represented the seller and procured the buyer. The property is located on Alamo Parkway, near the Alamo Ranch master-planned community. Vantage at Alamo Ranch is a gated community featuring nine-foot ceilings, black appliances and in-unit washers and dryers. Community amenities include a clubhouse and business center, fitness center and swimming pool.
ROCKWALL, TEXAS — Steadfast Apartment REIT has acquired Lake Ray Hubbard, a garden-style apartment community with 334 apartment homes in the Dallas suburb of Rockwall. Built in 2009, Lake Ray Hubbard is a 96 percent occupied apartment community with 42 apartment buildings housing one-, two-, three- and four-bedroom floorplans. The average unit size is 1,118 square feet and the average rent is $1,603. The Lake Ray Hubbard community is being renamed to Sixteen50 @ Lake Ray Hubbard. Each unit features a balcony or patio, ceiling fans, washer and dryer connections and a garage, with fireplaces and hardwood floors in select homes. Community amenities include a pool, hot tub, steam room and dry sauna, on-site spa, fitness center, sand volleyball court, community pond, dog park, central park and playground, barbecue and picnic area and a business center. Steadfast Apartment REIT plans a value enhancement strategy at the property.
BROWNSVILLE, TEXAS — Marcus & Millichap has brokered the sale of Calli Village, a 76-unit apartment property located at 2644 Old Port Isabel Road in Brownsville. The single-story development was completed in summer 2016 and features 62 two-bedroom and 14 three-bedroom apartment homes. The new owner-operator plans to construct an additional 40 units on the adjacent land. Mike Moffitt Jr. of Marcus & Millichap’s Austin office represented the seller, a limited liability company. Moffitt also secured the purchaser, a partnership.
KATY, TEXAS — Trademark Property Co. has entered into an agreement with Westside Ventures to develop an 82-acre mixed-use development at the northwest corner of I-10 and Mason Road in Katy. Planning will continue in the coming months for the initial 60-acre phase, which will include retail, restaurant, residential, hotel and office space. The site, which is part of a larger 107-acre tract owned by Westside Ventures, will be developed in phases over several years. Phasing and a construction timeline will be scheduled following planning.
THE WOODLANDS, TEXAS — Academy Sports + Outdoors is now open in Valley Ranch Town Center, a 240-acre retail district located at the intersection of I-69 and the Grand Parkway. Academy is situated in the 1,400-acre master-planned community of Valley Ranch just north of Kingwood, a development of The Signorelli Co. and is the first of over 85 stores and restaurants expected to open in Valley Ranch Town Center. This is the 95th location for Katy-based Academy Sports + Outdoors, and is expected to employ about 100 people. Houston-based Arch-Con is the contractor for the 63,000-square-foot store.
HURST and SPRING, TEXAS — Disney Investment Group (DIG) has brokered the $16 million sale of three retail properties in Texas. The properties are: Sprouts Crossing in Hurst. The Class A grocery-anchored center totals 60,706 square feet and is anchored by Sprouts. The property was 75 percent occupied at the time of closing. Austin-based EPIC Real Estate Partners purchased Sprouts Crossing; Wellington Place in Hurst. The unanchored shopping center totals 17,327 square feet. Wellington Place is adjacent to Sprouts Crossing and was acquired by the same buyer. EPIC will facilitate a redevelopment and expansion of Sprouts Crossing with the Wellington acquisition; Walgreens in Spring. The single tenant, net leased property is leased to. A private buyer utilizing a 1031 tax-deferred exchange purchased the asset. David Disney and Adam Crockett of DIG represented the sellers and procured the buyers for each property, excluding the seller of Wellington Place.
HOUSTON — Marcus & Millichap has arranged the sale of Colonial Oaks Apartments, an 80-unit apartment property located in Houston. Juan Cuevas and Lucas Fertitta of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a limited liability company. Cuevas and Fertitta also secured and represented the buyer, a limited liability company. Colonial Oaks Apartments is located at 3940 South Shaver St.
DALLAS — Gaedeke Holdings XIV Ltd. has purchased 17Seventeen, a 369,017-square-foot office tower in Dallas’ Uptown/Turtle Creek submarket, for an undisclosed price. The 19-floor building includes a 22-story LED illuminated light panel. The property also features a one-acre amenity deck, 1,096-space attached parking garage and views of Klyde Warren Park and the Arts District. Located at 1717 McKinney Ave., 17Seventeen was developed in 2010 on a 2.1-acre tract. Stephan Pyles’ Stampede 66 is the property’s trademark restaurant. Gaedeke acquired the 98 percent-leased property from a joint venture between Granite Properties Inc. and MetLife. 17Seventeen features 361,524 square feet of Class A office space and 7,493 square feet of retail space. Dan Yates of Gaedeke will oversee the building’s new on-site property management team.
ALLEN, TEXAS — Capital Pacific has represented the seller of an El Pollo Loco located at 386 E. Stacy Road in Allen. The property was sold for $3.2 million to an all-cash investor from California utilizing a 1031 tax-deferred exchange. The El Pollo Loco is on a 20-year net lease with rent increases every five years.
DALLAS — JLL has negotiated the acquisition of 88 acres of land situated within Mountain Creek Business Park in Dallas on behalf of Liberty Property Trust. JLL’s Kurt Griffin and Nathan Orbin negotiated the sale. Liberty Property Trust plans to build two distribution buildings on the site. The first is a 752,760-square-foot, Class A distribution facility that will be built on 55 acres. The second is a 460,620-square-foot, Class A cross-dock building that will be situated on 32 acres. Mountain Creek Business Park, a master-planned, 410-acre business park, is located in southwest Dallas at Mountain Creek Parkway and I-20. Tenants include Jack in the Box, Costco, Nestle, Niagara Bottling, Ulta Beauty and Kimberly Clark.