Texas

Austin Investor Buys 308-Unit Value-Add Multifamily Community in Irving

by Haisten Willis October 8, 2015

IRVING, TEXAS — CBRE Capital Markets’ Investment Properties has arranged the sale of Newport, a 308-unit multifamily community in the north Dallas suburb of Irving. The PPA Group, based in Austin, purchased the asset from Shreveport, La.-based Fortis Co. for an undisclosed price. Chris Deuillet of CBRE’s Dallas office represented the seller. The 238,784-square-foot asset, located at 3466 N. Beltline Road, was built in 1981. The Class B complex includes one- and two-bedroom units with an average size of 775 square feet. Newport was 96 percent occupied at closing. Two hundred units have been upgraded with modern wall texturing, customized kitchen cabinet doors, black appliances and faux-wood flooring in select areas of each unit. Other capital improvements were completed on the exterior and in common areas between 2010 and 2012. The buyer plans to complete the remaining unit remodels, add a dog park and increase the size of the play area.

October 8, 2015

NAI Robert Lynn Arranges 10,950 SF Medical Office Lease in Dallas

by Haisten Willis October 8, 2015

DALLAS — Children’s Medical Center of Dallas has leased 10,950 square feet of office space located at 2620 N. Stemmons Freeway in Dallas. John Lancaster of NAI Robert Lynn represented the landlord, Pollock Realty LP, and Douglas Hinckley represented Children’s Medical Center in the transaction.

October 8, 2015

Office Texas

Lincoln Property Co. Debuts Legacy VI, VII Office Campus in Plano

by Haisten Willis October 7, 2015

PLANO, TEXAS — Lincoln Property Co. has debuted its latest Plano properties, named Legacy VI and VII. Built by Bob Moore Construction, Legacy VI and VII include 245,508 square feet of speculative office and tech center space on a 24-acre, three-building campus. Legacy VI includes two 60,428-square-foot flex/tech centers. Legacy VII is a 124,652-squre-foot, two-story office building. The building’s corners and main entrances include spandrel glass curtain wall windows. The lobby is finished with glass, steel, wood and tile. All three buildings were constructed with tilt-up construction. The campus also includes 1,463 parking spaces spanning 582,522 square feet.

October 7, 2015

Industrial Loans Texas

Deason Arranges Financing for Acquisition, Expansion of Self-Storage Facilities

by Haisten Willis October 7, 2015

BEAUMONT & HUMBLE, TEXAS — Deason Financial Group has arranged financing for the acquisition of two self-storage properties. In the first transaction, Deason secured financing for the acquisition and expansion of a 42,475-square-foot facility in Humble. The $2.6 million acquisition loan was structured at a 75 percent loan-to-value ratio, with a five-year term and 25-year amortization schedule. Deason also arranged a $2 million construction loan for the 70,000-square-foot expansion of the facility. The loan featured two years of interest-only payments, converting to principal and interest payments for months for the third year. Built in 2005, 68 percent of the facility’s units are climate controlled. In the second deal, Deason arranged $4.5 million in financing for the acquisition of an 82,390-square-foot facility in Beaumont. The loan included a 75 percent loan-to-value ratio, with a 10-year term, 30-year amortization schedule and three years of interest-only payments. Built in 2010, the facility has a total of 632 units and 83 percent are climate controlled. Todd Kelsey of Deason Financial Group handled each transaction.

October 7, 2015

Multifamily Texas

Ventures Development Begins Construction on South 400 Apartments in Fort Worth

by Haisten Willis October 7, 2015

FORT WORTH, TEXAS — Ventures Development Group (VDG) has begun construction on the first multifamily development in the Near Southside Community of downtown Fort Worth. The 2.1-acre parcel is located at the corner of Jennings and Broadway avenues across the street from the Broadway Baptist Church. In conjunction with the development, the local tax increment district has approved infrastructure improvements, updated streetscapes and environmental remediation. VDG has engaged the multifamily division of Stream Realty Partners to manage the five-story, 209-unit community, which will also include 2,600 square feet of ground-floor retail space and four live/work studio lofts. South 400 Apartments will include amenities such as a sky lounge overlooking the Fort Worth skyline and private terraces.

October 7, 2015

Multifamily Texas

HFF Arranges Sale, Financing for 376-Unit Apartment Community in Houston

by Haisten Willis October 7, 2015

HOUSTON — HFF has arranged the sale and financing for Summer Cove, a 376-unit apartment community in southeast Houston. HFF marketed the property on behalf of the seller, Edgewood Properties. Westmount Realty Capital purchased the asset for an undisclosed amount. In addition, HFF secured a seven-year, 3.9 percent, fixed-rate acquisition loan on behalf of the buyer through Freddie Mac’s CME program. The securitized loan will be serviced by HFF through its Freddie Mac program plus seller/servicer program. Situated on 13.8 acres, Summer Cove is located at 725 FM 1959 just off I-45. The property is 99.5 percent occupied and includes one- and two-bedroom floorplans averaging 729 square feet. Community amenities include three swimming pools, a fitness center, business center, covered parking and gated access. Todd Stewart, Todd Marix, Chris Curry and JC Clemens led the HFF investment sales team representing the seller. Tyler Ford led HFF’s debt placement team.

October 7, 2015

Hospitality Texas

Marcus & Millichap Arranges Sale of 167-Room Hotel in College Station

by Haisten Willis October 7, 2015

COLLEGE STATION, TEXAS — Marcus & Millichap has arranged the sale of Aggieland Inn (formerly Ramada), a 167-room hospitality property located in College Station. Chris Gomes of Marcus & Millichap’s Dallas office, along with Allan Miller of the firm’s San Antonio office and Jake Gaddy of the Austin office, marketed the property on behalf of the seller, a limited liability company. Gomes procured the buyer, a private investor. Nick Fluellen and Bard Hoover of Marcus & Millichap’s Dallas office referred the seller to Gomes. Fluellen and Hoover previously represented the seller during the acquisition and disposition of student housing apartment assets. Aggieland Inn is located at 1502 Texas Ave. S., one block from the Texas A&M University campus. Built in 1972, the hotel is situated on roughly four acres. The hotel includes an outdoor swimming pool, a banquet hall and a restaurant and lounge. The buyer is planning a multimillion-dollar renovation before reopening in the first quarter of 2016.

October 7, 2015

Multifamily Texas

Palladium to Build 30-Story Multifamily High-Rise in Plano’s Legacy West

by Haisten Willis October 6, 2015

PLANO, TEXAS — Palladium USA International has purchased 2.1 acres in Plano’s Legacy West development to build a 30-story high-rise. The apartment tower will feature 312 rental homes and will be located at the southwest corner of the future Columbus Avenue and Windrose Avenue. Palladium USA worked with the Legacy West master developer, Fehmi Karahan, in the architectural design of the building. The development will be the tallest building in Collin County and will include an eight-level parking garage under the residential tower containing 500 parking spaces. The gross building area will exceed 410,000 square feet, with an average unit size of 1,070 square feet. The tower will be a glass curtain wall system in an oval design. Humphreys & Partners Urban Architecture is the architect for the development. A 9,000-square-foot leasing/lobby center on the ground floor will contain a bike storage room with maintenance and wash area to accommodate 60 bicycles. Other amenities include seven car-charging stations, a pet washing and grooming room, conference room and business lounge and a separate lounge with catering kitchen and outdoor patio. On the ninth floor there will be a pool, 2,300-square-foot gym, 3,800-square-foot spa and a 3,800-square-foot bar/lounge. The 27th floor will …

October 6, 2015

Healthcare Office Texas

M&M Arranges Sale of 10,453 SF Net Leased Property in Fort Worth

by Haisten Willis October 6, 2015

FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Complete Emergency Care, a 10,453-square-foot net-leased medical property located in Fort Worth. Philip Levy and Chris Gainey of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private investor. Levy and Gainey also secured the buyer, a limited liability company. Complete Emergency Care is located at 6006 Camp Bowie Blvd. The triple-net lease has a corporate guarantee. Four years remain on the primary term with annual CPI adjustments, and the tenant has one, 10-year option for renewal. The building was constructed in 1990 and sits on 0.8 acres.

October 6, 2015

Multifamily Student Housing Texas

Alex. Brown Realty, Asset Campus Housing Acquire Student Housing Project in San Marcos

by Haisten Willis October 6, 2015

SAN MARCOS, TEXAS — Alex. Brown Realty Inc. (ABR) and Asset Campus Housing have acquired a student housing project near the main campus of Texas State University in San Marcos. ABR Chesapeake Fund IV, a value-add real estate fund sponsored by ABR, invested $4.6 million in the joint venture. The acquisition was financed with a first mortgage loan from Amegy Bank. Currently known as University Springs, the 488-bed student housing property will be rebranded as The Reserve at West Avenue and will undergo capital improvements focused on interior and exterior upgrades. At closing, the property was 98 percent pre-leased for the 2015-2016 academic school year. Texas State University has seen enrollment growth for the past 16 consecutive academic school years. Built in 1998, the property’s 152 units range from two-, three- and four-bedroom units. Asset will serve as property manager of the asset.

October 6, 2015

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