MCKINNEY, TEXAS — Henry S. Miller Co. Inc. has arranged the sale of 11.7 acres of land at the corner of McKinney Ranch Parkway and South Hardin Boulevard in McKinney, a northern suburb of Dallas. The tract is located across the street from the site of the new McKinney Stadium, a $70 million project currently under construction that will service three high schools in McKinney. Lane Kommer of Henry S. Miller represented the seller in the transaction. The buyer was not disclosed.
HOUSTON — Baker Katz, a Houston-based brokerage firm, has completed the sale of 30,000 square feet of land, on which resides a 7,000-square-foot retail building occupied by Advance Auto Parts. The property lies at the intersection of Farm to Market Road 1960 and Aldine Westfield Road on Houston’s north side. Baker Katz purchased the land in 2016 and constructed the freestanding store on behalf of Advance Auto Parts. Bob Moorhead of Trivanta represented Baker Katz in the transaction. The name and representative of the buyer, a private investor, were not released.
GARLAND, TEXAS — Lee & Associates has brokered the sale of two industrial properties totaling 24,420 square feet in the Dallas-Fort Worth metro of Garland. The first property is a 12,000-square-foot building located at 2805 National Drive and the second is a 12,420-square-foot property located at 2901 National Drive. Brett Lewis of Lee & Associates represented the seller, BBI Realty LLC. Additional terms of sale were not released.
DALLAS — Stonelake Capital Partners has released its latest plans for Trinity Green, a $250 million, 25-acre multifamily project along Singleton Avenue in west Dallas. The company has released updates on Phase III, which features a 355-unit, Class A development with a fitness center, 24-hour coffee bar, pool and outdoor grilling stations. Stonelake will break ground on Phase IV of the development, which will feature a 324-unit, Class A apartment complex, in the fall. Trinity Green will comprise 1,500 units at full build-out.
HOUSTON — A partnership led by Performance Properties, a Dallas-based property management firm, has acquired Timberwalk Apartment Homes, a 300-unit multifamily complex in Houston. Situated on 10.2 acres at 5635 Timber Creek Place Drive, the gated property features a pool, fitness center, clubhouse and common areas. Built in 1984, the community was 93 percent occupied at the time of sale. Todd White and David McQuaid of Performance Properties represented the partnership, known as Timberwalk Associates LP, in the transaction. Russell Jones, Matt Saunders and Zach Springer of ARA Newmark represented the seller, Mosaic Residential Inc. The new ownership plans to invest $1.2 million to complete a renovation program at Timberwalk that Mosaic Residential began in 2014.
GRAND PRAIRIE, TEXAS — Mycon General Contractors has completed construction of a new, 6,997-square-foot First Choice Emergency Room in the Dallas-Fort Worth metro of Grand Prairie. Situated on 0.9 acres at 901 W. Jefferson St., the $3.5 million, freestanding medical clinic features on-site labs and digital imaging suites. A service station and convenience store previously occupied the site, construction on which began in August 2016.
FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Copper Creek, a 14-building, 274-unit apartment community located at 6011 Oakland Hills Drive on Fort Worth’s eastern side. Community amenities include two pools, on-site laundry facilities and patios with outdoor storage. Al Silva of Marcus & Millichap represented the seller, Lubbock-based Madera Residential, in the transaction. Silva and Ford Braly, also with Marcus & Millichap, procured the buyer, an undisclosed, out-of-state investment firm.
GRAPEVINE, TEXAS — EDGE Realty Capital Markets has arranged the sale of 2301 Ira E. Woods, an 11,544-square-foot office property located at the intersection of Ira E. Woods Ave. and State Highway 114 in Grapevine, a northwestern suburb of Dallas. Brandon Crow and Wilson Stafford of EDGE represented the seller, Georgia-based DayStar Management LLC, in the transaction. Michelle Hudson of Hudson Peters Commercial represented the unspecified buyer.
Tenant concessions, ranging from free rent to complimentary carpet cleanings to distribution of gift cards, have become the norm in Houston’s multifamily market over the last few years. And according to several industry experts who spoke at the InterFace Houston Multifamily Conference on March 28, it’s the millennials who are taking advantage of them. Houston has become an especially attractive destination for millennials in recent years. According to a survey by JAXUSA Partnership, which tracks demographic trends throughout major metros, between 2010 and 2013, the metro ranked sixth in population growth of residents age 20 to 29. Tenants receive fewer concessions in submarkets without a lot of new construction. In Houston, this primarily means suburbs — The Woodlands, Pearland, and Katy. In submarkets closer to downtown, where there is generally more construction, concessions have come to serve as bargaining chips for prospective renters. For Houston landlords, operating in a market where concessions have become standard has made lease renewals harder to come by. Stacy Hunt, executive director of multifamily development and management firm Greystar, sees a direct correlation between millennials and lease renewals. “Properties in [sub]markets where you have a lot of millennials — Downtown, Heights, Washington Avenue — it’s tougher …
ALLEN, TEXAS — Kaizen Development Partners has broken ground on Phase I of One Bethany at Watters Creek, a Class A office park located at the corner of Bethany Drive and Watters Creek Boulevard in the Dallas-Fort Worth metro of Allen. Texas-based architecture firm BOKA Powell designed the initial phase of the project, which includes a 125,000-square-foot office building with a 570-space parking garage. Delivery of the building, which will feature a conference room, fitness center and tenant lounge, is expected within 12 months.