OKLAHOMA CITY AND EULESS, TEXAS — Steadfast Apartment REIT has acquired apartment communities in separate transactions in Oklahoma City and metro Dallas totaling 654 units for an aggregate purchase price of $88.5 million. Steadfast Apartment REIT entered the state of Oklahoma with the purchase of The Shores, a 300-unit, Class A apartment community that was constructed in 2013 on 22 acres. The complex includes a clubhouse/leasing center, 11 three-story apartment buildings and 12 two-story townhome buildings boasting one-, two- and three-bedroom configurations. Apartment homes range from 649 to 1,288 square feet with average in-place rents of $1,030. The Shores was 93.7 percent occupied at the time of sale. Monticello by the Vineyard is located in Euless, 25 miles from both Dallas and Fort Worth. Built in 2002, Monticello features 21 three-story apartment buildings, five garage buildings and a leasing office/clubhouse on approximately 20 acres. The property offers 354 one-, two- and three-bedroom apartment homes in 21 different layouts averaging 993 square feet. Average in-place rents are $1,245 and the community was 96.9 occupied at the time of sale.
MCKINNEY, TEXAS — KWA Construction, a general contractor specializing in multifamily developments, has completed the Millennium, a 162,440-square-foot affordable housing project, on behalf of GroundFloor Development. Located in McKinney, 130 of the 164 residences will be reserved for low-income residents as an affordable housing option. The Millennium is KWA’s third construction assignment completed for GroundFloor Development. The four-story multifamily rental development features one-, two- and three-bedroom units that offer nine-foot ceilings, patios and balconies and high-end appliances. Amenities in the Millennium include a community center with a swimming pool, library, business and fitness centers, a porch and cookout area. The location allows for children living in the Millennium to attend schools in the Frisco Independent School District and adults to have access to financial planning and health and nutrition classes. The Millennium affordable housing project is a joint effort between not-for-profit organization Inclusive Communities Project, which works to create and expand affordable housing opportunities, and McKinney’s Housing Authority, whose mission is to serve the housing needs of low to moderate-income families in the authority’s jurisdiction.
WEATHERFORD, TEXAS — Greysteel, a Washington, D.C.-based real estate investment services firm, has arranged the sale of Country Oaks, a 64-unit multifamily community in Weatherford. Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss of Greysteel represented the seller, Weatherford Country Oaks LLC, in the sale. The buyer, Mercury Metroplex Real Estate VI LLC, purchased the asset for an undisclosed price. Located on Santa Fe Drive, Country Oaks offers one- and two- bedroom units and has undergone exterior and interior renovations including new vinyl flooring, ceiling fans, resurfaced kitchen and bathroom countertops and new appliances. The property is located one mile from downtown Weatherford.
FORT WORTH, TEXAS — Trademark Property Co. is launching a micro-restaurant program dedicated to attracting unique restaurant concepts to Waterside, a 63-acre mixed-use development under construction at Bryant Irvin Road and Arborlawn Drive in Fort Worth. Trademark will lease three or four micro-restaurant spaces ranging between 600 and 1,000 square feet to local and regional businesses. The micro-restaurants will be located around The Grove, Waterside’s central public space. The Grove will serve as the heart of the development, featuring outdoor seating for restaurants, public art and the re-use of existing playground and amusement ride equipment. Waterside broke ground on its first phase of development in 2014 and later announced its first anchor tenant, a 45,000-square-foot Whole Foods Market, the first in Fort Worth. The Grove and the first 383 multifamily units will be substantially complete by spring 2016 when the retail and restaurants are projected to open.
RICHARDSON, TEXAS — Lee & Associates has arranged the sale of a 17,387-square-foot office building located at 3313 Essex Drive in Richardson. Mark Graybill of Lee & Associates’ Dallas/Fort Worth represented the buyer, Denkmann Associates. Brett McMillian of Paladin Partners represented the seller, Vantage Development.
DALLAS — Principal Management Group has renewed a lease of 16,527 square feet at 3 Park Central and signed a new lease for 6,683 square feet at 4 Park Central in Dallas. Al Paniagua of Swearingen Realty Group represented the tenant. Heather Shover, Kathy Permenter and Sean Dalton of Younger Partners represented the landlord.
MANSFIELD, TEXAS — Marcus & Millichap has arranged the sale of Cheney Center, an 11,375-square-foot retail property located in Mansfield. Philip Levy of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private investor. Cheney Center is located at 640 W. Debbie Lane in Mansfield. The property is an 11,375-square foot multi-tenant retail center. At closing, the center was 83 percent occupied. Tenants consist of Comet Cleaners, Habaneros, Lucy Donuts, Fuji Foot Spa, Allstate, Edward D Jones and Uncle Bo’s Hamburgers. The building was constructed in 2002 and sits on 1.3 acres. The property is located on West Debbie Lane, just west of Highway 287.
LITTLE ELM, TEXAS — Victory Real Estate Group, a commercial development and investment firm based in Dallas, has begun construction on a seven-acre tract located on the east side of FM 423, just south of Little Elm Parkway between Eldorado Parkway and FM 720/Main Street. The site will house Victory at Creekside, a mixed-use retail development that will include six pad sites, along with a 6,000-square-foot retail center. Victory anticipates completion of Victory at Creekside by the end of this year. The new retail center is 100 percent leased to tenants such as Fast Lane Car Wash, Jack in the Box, Taco Villa and Kiddie Academy Child Care.
LEWISVILLE, TEXAS — Bright Realty is developing an Aldi-anchored retail project in the Dallas suburb of Lewisville. The 13-acre parcel, owned by Bright Realty, includes a total of seven commercial pad sites to be developed by the company. Aldi is the first retailer to close within the development. The Aldi site, located on the southeast corner of Josey Lane and Windhaven Parkway, spans 1.8 acres. Two other tenants are under contract at two lots totaling 3.9 acres. Aldi plans to begin work on the Lewisville site in the first quarter of 2016. The new Aldi will be near Nebraska Furniture Mart’s Grandscape development and other Bright Realty developments including Crown Centre, a 150-acre office park, and Discovery at The Realm, a 4,000-unit multifamily project, both currently under construction.
SPRING, TEXAS — The Boulder Group, a net lease investment brokerage firm, has completed the $1.4 million sale of a newly constructed net leased O’Reilly Auto Parts store located at 5618 Treaschwig Road in Spring. O’Reilly Auto Parts is the sole occupant of the recently constructed 6,800-square-foot building. The property is shadow anchored by a Kroger grocery anchored center that is located across the street. The O’Reilly Auto Parts is located approximately five miles north of the George Bush Intercontinental Airport. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a Midwestern family partnership who utilized a 1031 exchange. The seller was a national real estate development company. The O’Reilly Auto Parts lease is for 20 years and features a 6 percent rent escalation in years 11 and 16.