Texas

LS Black Breaks Ground on $88M Affordable Housing Project in Metro Austin

by Taylor Williams October 11, 2023

ROUND ROCK, TEXAS — Minneapolis-based LS Black Development has broken ground on Preserve at Mustang Creek, an $88 million affordable housing project in the northern Austin suburb of Round Rock. Designed by Merriman Anderson Architects, Preserve at Mustang Creek will total 252 units that will be reserved for households earning 30 to 60 percent of the area median income (AMI). Units will come in one-, two-, three- and four- bedroom floor plans, and amenities will include a pool, playground, clubroom and outdoor grilling and dining stations. Construction is scheduled for a fall 2025 completion.

October 11, 2023

Acquisitions Multifamily Texas

Newmark Brokers Sale of 376-Unit Stone Brook Apartments in Metro Houston

by Taylor Williams October 11, 2023

BAYTOWN, TEXAS — Newmark has brokered the sale of Stone Brook, a 376-unit apartment community located in the eastern Houston suburb of Baytown. Built in 2000, Stone Brook offers one-, two- and three-bedroom units and amenities such as a pool, playground and a dog park. Zach Springer of Newmark represented the seller, Dallas-based private equity firm Knightvest Capital, in the transaction. Tip Strickland, also with Newmark, originated an undisclosed amount of Freddie Mac acquisition financing on behalf of the buyer, Bluebird. The 10-year, fixed-rate loan was structured with a loan-to-value ratio above 80 percent and seven years of interest-only payments.

October 11, 2023

Acquisitions Retail Texas

STRIVE Arranges Sale of 239,610 SF Euless Town Center in Metro Dallas

by Taylor Williams October 11, 2023

EULESS, TEXAS — Locally based brokerage firm STRIVE has arranged the sale of Euless Town Center, a 239,610-square-foot shopping center located on the eastern outskirts of Dallas. Ross Dress for Less and grocer Aldi anchor the center, which was roughly 86 percent leased at the time of sale. Other tenants include Dirt Cheap, Skechers USA and Sally Beauty. Hudson Lambert and Jennifer Pierson of STRIVE represented the California-based seller and procured the Texas-based buyer, both of which requested anonymity, in the transaction.

October 11, 2023

Development Multifamily Texas

Civitas Capital Tops Out 238-Unit Multifamily Project in Houston

by Taylor Williams October 11, 2023

HOUSTON — Dallas-based Civitas Capital Group has topped out UNITi Montrose, a 238-unit multifamily and coliving project in Houston. The site spans a full acre, and the building rises six stories atop a three-story parking garage. Floor plans consist of 190 studio, one- and two-bedroom units as well as 48 private suites that house a total of 161 private rooms. Amenities will include a pool, coworking space and a courtyard, as well as 4,000 square feet of ground-floor retail space. Meeks + Partners designed the project, and Arch-Con Corp. is serving as the general contractor. Completion is slated for next summer.

October 11, 2023

Acquisitions Multifamily Texas

CONAM Group Acquires 270-Unit Arise Craig Ranch Apartments in McKinney, Texas

by Taylor Williams October 10, 2023

MCKINNEY, TEXAS — The CONAM Group, a California-based investment firm, has acquired Arise Craig Ranch, a 270-unit apartment community located within the Craig Ranch master-planned development in the northern Dallas suburb of McKinney. Completed in 2018, Arise Craig Ranch offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, granite countertops and tile backsplashes. Amenities include a pool, resident lounge, billiards room, courtyards, fitness center, movie theater, dog park and a business center. The seller and sales price were not disclosed.

October 10, 2023

Development Multifamily Seniors Housing Texas

Caldwell Communities Opens 250-Unit Active Adult Complex in Cypress, Texas

by Taylor Williams October 10, 2023

CYPRESS, TEXAS — Caldwell Communities has opened Cadence Creek at Towne Lake, a 250-unit active adult complex in Cypress, a northwestern suburb of Houston. The community features one- and two-bedroom apartments that range in size from 760 to 1,230 square feet and cottages that range in size from 900 to 1,200 square feet. Amenities include a pool, fitness center, library, theater room, arts and crafts room, gaming area and a dog park. Rents start at $1,500 per month for a one-bedroom unit.

October 10, 2023

Acquisitions Industrial Texas

Colliers Brokers Sale of 43,200 SF Industrial Building in Conroe, Texas

by Taylor Williams October 10, 2023

CONROE, TEXAS — Colliers has brokered the sale of a 43,200-square-foot, single-tenant industrial building in Conroe, about 40 miles north of Houston. The site spans 9.9 acres and fronts I-45. Michelle Soderberg of Colliers represented the seller, an entity doing business as JMBG Ltd., in the transaction. Wade Nelson of Nelson Properties represented the buyer, Spring Glass & Mirror Ltd., which will use the building as its new headquarters. The sales price was not disclosed.

October 10, 2023

Industrial Leasing Activity Texas

Lee & Associates Negotiates 26,082 SF Industrial Lease in Arlington

by Taylor Williams October 10, 2023

ARLINGTON, TEXAS — Lee & Associates has negotiated a 26,082-square-foot industrial lease in Arlington. According to LoopNet Inc., the building at 2030 E. Arbrook Blvd. was constructed in 2019 and totals 75,712 square feet. Reid Bassinger and Michael Lee of Lee & Associates represented the tenant, US Elogistics Service Corp., in the lease negotiations. Mark Graybill, also with Lee & Associates, represented the landlord, Mississippi-based EastGroup Properties Inc.

October 10, 2023

Acquisitions Retail Texas

STRIVE Arranges Sale of 19,410 SF Retail Building Leased to Tractor Supply in Lubbock

by Taylor Williams October 10, 2023

LUBBOCK, TEXAS — Dallas-based brokerage firm STRIVE has arranged the sale of a 19,410-square-foot retail building in the West Texas city of Lubbock. The building, which was constructed in 2011 on the city’s southeast side, is fully leased to Tractor Supply Co. Jason Vitorino and Adam Gottschalk of STRIVE represented the seller, a Texas-based private investor, in the transaction. Additional terms of sale were not disclosed.

October 10, 2023

Connection-Park-Logistics-Center-San-Antonio

Acquisitions Industrial Texas

JLL Arranges Sale of 490,083 SF Distribution Center in San Antonio

by Taylor Williams October 9, 2023

SAN ANTONIO — JLL has arranged the sale of Connection Park Logistics Center, a 490,083-square-foot distribution center in San Antonio. Completed earlier this year, Connection Park Logistics Center sits on 42.2 acres and features 36-foot clear heights, six ramped doors and 348 trailer and car parking spaces. Trent Agnew and Josh Villarreal of JLL represented the seller, Houston-based Triten Real Estate Partners, in the transaction and procured the buyer, CAPSTAR Real Estate. Jarrod McCabe and Blake Jones, also with JLL, arranged an equity partnership between CAPSTAR Real Estate and an undisclosed investor and secured a floating-rate, interest-only acquisition loan from Prime Finance for the buyer.

October 9, 2023

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