CARROLLTON, TEXAS — Bellwether Enterprise Real Estate Capital LLC has arranged $10.4 million in acquisition financing for Toscana Apartments, a 192-unit, Class B property multifamily property located at 17910 Kelly Blvd. in Carrollton. Laurie Morfin of Bellwether arranged the financing through Fannie Mae loan on behalf HLC Equity, a Pennsylvania-based firm that acquired the property earlier in April for roughly $13.2 million.
ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of Garden Park Apartments, a 252-unit multifamily community located at 1609 Sherry St. in Arlington. Built in 1968, the property features gated access, six laundry facilities and a playground. One-bedroom units average 589 square feet per unit and two-bedroom units average 1,065 square feet per unit. Mark Allen of Marcus & Millichap represented the seller, a California-based limited liability corporation, and procured the buyer, also a limited liability firm.
BLANCO, TEXAS — Dougherty Mortgage LLC has closed a $1.9 million Fannie Mae loan for the acquisition of Blanco Oaks Apartment Homes, a 30-unit apartment community located at 525 Jones Ave. in Blanco, a city roughly 50 miles north of San Antonio. Dougherty Mortgage arranged the 12-year loan through a partnership with Old Capital Lending, on behalf of Rio Blanco Apartments LLC. The loan features a 30-year amortization schedule and one year of interest-only payments.
KATY, TEXAS — Black Bear Diner, a California-based restaurant chain with 94 locations across eight states, will open a 5,400-square-foot, freestanding location at Shoppes at Parkwest, a retail center located at 24600 Katy Freeway. Matt Parsons and Mark Raines of JLL represented Black Bear Diner in the lease negotiations. Stephen Tou and Zach Hoffer of The Retail Connection represented the landlord, Medistar Parkwest JV Ltd., in the transaction.
PLANO, TEXAS — Developer KDC has topped off JPMorgan Chase’s new, 1 million-square-foot corporate office campus at the Legacy West development in Plano. The $300 million, 50-acre campus features amenities such as a food court, health and wellness center, training and conference space, and a childcare center. Approximately 6,000 JPMorgan Chase employees are expected to work at the property beginning in the second half of 2017.
CARROLLTON, TEXAS — CBRE has arranged the sale of Villas de la Colonia, a 143-unit multifamily community located at 1515 Metrocrest Drive in the Dallas-Fort Worth metro of Carrollton. Built in 1969, the community features a mix of one-, two- and three-bedroom units averaging 822 square feet per unit. Chris Deuillet of CBRE represented the seller, California-based Communidad Realty Partners, which sold the property to Aspire Ventures LLC, a Pennsylvania-based private equity firm. Villas de la Colonia was 95 percent occupied at the time of sale.
DALLAS — Metropolitan Capital Advisors (MCA) has arranged a $9.5 million construction loan for Destination Residences, a 62-unit condominium project in Dallas. The property will be located in The Cedars, a retail-heavy neighborhood just south of downtown, and will be built entirely on speculation. Justin Laub of MCA arranged the financing on behalf of 1901 Harwood LLC through an undisclosed, Texas-based bank.
KATY AND PASADENA, TEXAS — Baker Katz has negotiated two leases totaling 13,000 square feet in the Houston suburbs of Katy and Pasadena on behalf of Outback Steakhouse. The Katy restaurant will be located at the intersection of Interstate 10 and Katy Fort Bend Road. The Pasadena restaurant will be located at the corner of Vista Road and State Highway Beltway 8. Stephen Tou of Retail Connection and Lindsay Schlueter of Glasier Retail Partners represented the landlords in Katy and Pasadena, respectively.
MESQUITE, TEXAS — TIG Commercial Real Estate Services has negotiated a 42,919-square-foot lease at 4401 Samuell Blvd. in the Austin suburb of Mesquite on behalf of an unspecified tenant. Matthew Hickey and Kristin Grammar of TIG represented the tenant in the transaction. NAI Robert Lynn represented the undisclosed landlord.
PLANO, TEXAS — NE Development will break ground tomorrow on LVL 29, a 29-story high-rise apartment tower located within the Legacy West development in the Dallas-Fort Worth metro of Plano. The property’s units will range from 600 to 3,800 square feet, and its amenities will include a seven-story parking deck, 24-hour fitness center, a pool and tanning deck and a lounge veranda. NE Development expects to deliver LVL 29, which was designed by Dallas-based Humphreys & Partners Architects LP, in May 2019.
