Right now, the Dallas-Fort Worth metropolitan statistical area is one of the hottest multifamily markets in the country with an eye-opening 34,000-plus units currently under construction. Long-term trends suggest that even if construction slows somewhat, demand for north Texas apartments will outstrip supply for the foreseeable future. The reason is straightforward. Dallas has much going for it that employers find extremely appealing, including a central location equidistant from both coasts, an educated workforce, a diverse economy and a favorable business climate. These underlying advantages are simply not going to change. In the last three years, a number of companies, including Toyota North America and Nationstar Mortgage, have relocated their headquarters to Dallas-Fort Worth, while others, like Southwest Airlines and AT&T, have added thousands of positions to their headquarters. Most recently, American Airlines announced plans to create a corporate campus west of its current location near Dallas/Fort Worth International Airport. Dallas-Fort Worth has also become a popular site for regional corporate centers. State Farm is constructing a 2 million-square-foot campus on Dallas’s main north-south light rail line in suburban Richardson. When it is completed in 2016, the company will have more than 5,000 employees in north Texas. Liberty Mutual announced this …
HOUSTON — i3 Interests and Atlas Real Estate Partners have closed a 202,978-square-foot acquisition of a three-building portfolio located on the campus of the Tenet Health Systems-operated Northwest Medical Center in Houston. Scott Carter of Transwestern represented the seller. Texas Capital Bank provided financing. The company plans to update the portfolio’s lobbies, landscaping, corridors, bathrooms, elevators and internal building components that will be followed by a rebranding campaign. Transwestern will provide both leasing and property management services.
WACO, TEXAS — Coca-Cola Refreshments has received a tax abatement incentive to expand its Waco presence with a $13.3 million blow-molding line. The line will be used for in-house production of bottles in its Waco facility, located in Texas Central Park. Coca-Cola established its first Waco manufacturing facility in 1995, and Coca-Cola Enterprises constructed a 50,000-square-foot regional distribution center to supply the central Texas market in 2007. The expanded operations are a result of the company’s continued growth in product demand and a long-established partnership with the city of Waco, McLennan County and the Waco Industrial Foundation.
DALLAS — Cornerstone RPC Storage Development, a joint venture between real estate development firms Rosewood Property Co. and Cornerstone Development, has begun construction on Phase II of a $75 million self-storage development plan. The firm will build three self-storage facilities in infill locations located in Dallas, Carrollton, Texas and Denver. Cornerstone has begun preparation to break ground on a 105,606-square-foot, 928-unit self-storage facility on the southeast corner of Maple Avenue and Butler Street in Dallas. Located in the Dallas Medical District, the facility is expected to open in the fourth quarter of 2016. In addition to the Dallas facility, Cornerstone plans to break ground on an 110,150-square-foot storage facility on E. Hebron Parkway in Carrollton. The 776-unit, multi-story facility will offer climate control in 94 percent of its units and is expected to open in the third quarter of 2016. The development company also closed on a property in metro Denver to develop an 116,325-square-foot self-storage facility. All three new developments will be managed by and branded Extra Space Storage.
ARLINGTON, TEXAS — SVN (formerly Sperry Van Ness) has arranged the sale of Olympic Club Apartments, a 305-unit garden-style community located at 504 Dudley Circle in Arlington. Todd Franks and Jon Krebbs of SVN marketed the property on behalf of the seller, a Colorado partnership. The team also procured the buyer, a local partnership. The new owner plans to upgrade the buildings’ interiors and amenities to compete with other complexes in the immediate area.
DALLAS — Marcus & Millichap has arranged the sale of Courtyard Condominiums, a 32-unit apartment property located in Dallas. Scott Ogilvie of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Ogilvie also procured the buyer, a limited liability company. Courtyard Condominiums is located at 6003 Ridgecrest Road in Dallas just off Hemlock Avenue. Situated on approximately 0.7 acres, the asset was built in 1983. The Class B apartment community has a unit mix of 14 one-bedroom/one-bath units and 18 two-bedroom/one-bath units. At the time of listing, the seller reported an occupancy of 94 percent.
HOUSTON — Morgan, a multifamily developer and manager, has opened Pearl Woodlake in Houston’s Westchase District. Located at 2033 S. Gessner Road between Westheimer and Briar Forest, construction started on the property in early 2014. Pearl Woodlake’s 376 studio, one-, two- and three-bedroom units range from 607 to 1,551 square feet. The units feature open floor plans, wood-style floors, track and pendant lighting, under-mount kitchen and bathroom sinks, kitchen islands in select units, full-size washers and dryers, walk-in closets, side-by-side refrigerators/freezers and patios and balconies in select units. Recreational amenities include a courtyard with a pool, outdoor kitchen and poolside cabanas, grilling stations, a dog park and dog wash station, a club room with pool table and catering kitchen and a gym. Car charging stations also are available. Rents for Pearl Woodlake units range from around $1,250 to $2,600 per unit.
DALLAS — Wellington Realty, a commercial real estate services company serving the four major markets in Texas, has completed a leasing transaction on behalf of Black Shark Family Investments, a family office. Black Shark Family Investments has leased 9,670 square feet of office space in Thanksgiving Tower, a 50-story skyscraper located in downtown Dallas. Jack Allen of Wellington Realty represented the tenant. Mike Dement and Sam Meginnis of Wellington Realty represented the landlord, Altschuler & Co. Thanksgiving Tower is undergoing a $30 million renovation to its lobbies and common areas.
DALLAS — Stephen Whitehead of NorthMarq Capital’s Dallas office has arranged joint-venture equity for the construction of The Laurel in the Preston Center area of Dallas. The 164-unit complex will be located at the northeast corner of Preston Road and Northwest Highway. NorthMarq worked on behalf of the developer, Transwestern Development Co.
TOMBALL, TEXAS — Reed Vestal and Taylor Schmidt of Lee & Associates’ Houston office represented Worldwide Rock Enterprises in the purchase of 6.7 acres on Theis Lane in Tomball. Caldwell Cos.’ Keith Edwards, Clay Roper and Daniel Greco represented the unnamed seller. Wycoff Development & Construction will break ground in January on a 20,000-square-foot building on five acres of concrete for the buyer. Reed and Taylor also represented the buyer in the design-build and land re-zoning process.