EDINBURG, TEXAS — Domus Development is bringing a $27.7 million, off-campus student housing community to Edinburg in August 2017. The Dallas-based developer will break ground in May 2016 on Legends Edinburg, which will bring 566 beds to the apartments market near The University of Texas Rio Grande Valley in Edinburg. The complex will be located on the corner of Chapin Street and Sugar Road with amenities including a salt water pool, sand volleyball court, study rooms, a clubhouse with game room and a computer lounge. Floorplans will include one-, two- and four-bedroom options. The individual apartments will come fully furnished with granite countertops, ceiling fans and full-size washer and dryer units. The entire property is equipped with high-speed Wi-Fi, and will employ an on-site maintenance and management staff. Legends Edinburg will be the second off-campus purpose-built student housing community in the area.
GRAPEVINE, TEXAS — Mercedes-Benz plans to open two facilities in Grapevine. The first is a regional parts distribution center (PDC) designed to support the sales and distribution of spare parts to the customers and dealer network of Mercedes. The second is a learning and performance center (LPC). The LPC is relocating from Houston to the Grapevine site and is planned to be a technical facility accommodating on-going training of Mercedes-Benz dealership technicians from around the Southwest region. Currently owned by the city of Grapevine, the site consists of around 31 acres along Lakeside Parkway at Enterprise Road. Once fully operational, both the training facility and parts distribution center will be staffed with 50 employees with the ability to train 150 technicians per week. The PDC is planned to be 254,000 square feet and the LPC is 59,000 square feet. Seefried Industrial Properties, in partnership with a long-time European capital partner, is the purchaser of the land and developer for this project. Mercedes has executed a development agreement with Seefried Properties and will purchase the project upon completion. Design of the two facilities is underway and will be submitted for permitting in February 2016. The initial site work will start this …
OKLAHOMA CITY, OKLA. — Altus Equity Group has acquired Rockwell Plaza Apartments in Oklahoma City. The complex is located along the Northwest Expressway, a major corridor in northwest Oklahoma City. The 304-unit property includes 152 one-bedroom/one bath, 76 two-bedroom/one bath and 76 efficiency units. The vacancy rate is 84 percent, and several units have already begun interior rehab. Altus Equity has completed more than $100 million in real estate transactions with average annual returns to investors in excess of 17 percent.
DALLAS — Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, has closed an $18 million loan for the recapitalization and stabilization of an office building in Dallas. The 18-story, 183,000-square-foot property is located on Ervay Street in downtown Dallas’ central business district. Known locally as Alto 211, the building originally catered to traditional office users but has undergone substantial renovations transforming it into modern, creative office space. The non-recourse, three-year loan features flexible pre-payment options and two one-year extension options, including a facility to provide future funding encompassing tenant improvements, leasing commissions and capital expenditures.
HOUSTON — Marcus & Millichap has arranged the sale of Woodforest Plaza, a 13,568-square-foot retail property located at 13421 Woodforest Blvd. in Houston. Derek Hargrove and Justin Miller of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a Houston-based limited liability company.
THE COLONY, TEXAS — Venture Commercial Real Estate’s investment sales team has completed the sale of a 7,400-square-foot single-tenant net-leased property located along State Highway 121 in The Colony. Methodist Urgent Care occupies the building located at 5151 SH 121, in front of Top Golf and across from Nebraska Furniture Mart’s Grandscape development. John Zikos, Jonathan Cooper, Christopher Gibbons and Don Miller of Venture represented the developer, NDC Holdings. Leonard Mazzone of New York-based Hamilton Mundy Real Estate Advisors represented the buyer, an out-of-state investor.
AUSTIN, TEXAS — The Kor Group has purchased land for the future home of Austin Proper Hotel and Residences. The development will be a 32-story mixed-use building containing 99 for-sale residences, 244 hotel guest rooms, four food and beverage outlets, 11,500 square feet of meeting space, a spa, fitness center and two outdoor swimming pools. Construction is scheduled to begin in spring 2016 and end in early 2018. In addition to the land acquisition, the Austin Proper Residences sales gallery, located nearby at 208 Colorado St., debuted on Jan. 21, 2016, with a grand opening celebration scheduled for Feb. 5 and 6. Will Steakley of DEN Property Group will manage sales for the Austin Proper Residences, which will begin taking contracts this month. Proper Hospitality will operate the Austin Proper Hotel as part of the Proper Hotels brand. Designer Kelly Wearstler is creating the interior design for the project, McGuire Moorman Hospitality is developing and operating the food and beverage concepts and Handel Architects is responsible for the design of the 32-story high-rise.
STAFFORD, TEXAS — Dallas-based StreetLevel Investments and joint venture partner Provident Realty Advisors have purchased 192 acres in Stafford, including the former Texas Instruments (TI) campus. The firms plan to create a mixed-use development at the site that will feature 350,000 square feet of destination retail space, 2,400 residential units, Class A office space, two hotels, a health club, entertainment and green space in a walkable urban center. The finished product will include parking garages as well as street parking. Portions of the original TI buildings will be preserved and repurposed. Houston-based Gensler and TBG are project consultants. The first phase of the $500 million, multi-phase project is slated to open summer 2017.
FORT WORTH, TEXAS — Hunt Southwest Real Estate Development has acquired a 16.7-acre site in the Riverbend West Business Park in northeast Fort Worth and will develop a 301,500-square-foot spec warehouse and distribution facility at the site. Construction on Riverbend West Distribution Center, located at 2101 Reeves Place, will commence immediately with completion expected in the third quarter of 2016. The facility will feature 32-foot clear heights, cross-dock configuration, an ESFR sprinkler system and dedicated trailer parking positions. Holt Lunsford Commercial’s Donnie Rohde, Chance Olin and George Jennings will lease the industrial property to prospective tenants.
IRVING, TEXAS — Transwestern has represented MultiView Inc. in a 109,610-square-foot lease renewal for the digital marketing company’s corporate headquarters at One Panorama Center, located at 7701 Las Colinas Ridge in Irving. Transwestern’s John Fulton represented MultiView in the transaction, while Duane Henley and Nathan Durham, also of Transwestern, represented the building owner, Regent Properties. One Panorama Center is an eight-story, Class A office tower. The property is 10 minutes from Dallas/Fort Worth International Airport and near MacArthur Boulevard. Regent acquired the property in October 2014 and has implemented interior and exterior improvements since the purchase.