Texas

ARA Arranges Sale of Apartment Complex in Austin

by Haisten Willis February 9, 2015

AUSTIN, TEXAS — Atlanta-based ARA has arranged the sale of the Reserve at Walnut Creek, a 284-unit, value-add apartment complex located in Austin. Pat Jones of ARA’s Austin office represented the seller, a Delaware Statutory Trust, in the transaction. Houston-based Tradewind Properties was the buyer. The company plans to upgrade the units. Premium Property USA Inc., headquartered in Switzerland, provided equity in the transaction. Constructed in 2002, Reserve at Walnut Creek is a garden-style apartment community comprised of one- and two-bedroom units. The Class A community features amenities including a resort-style pool, a poolside barbecue area with a gas grill, a fitness center, gym, business center, limited access gates and remote controlled detached garages. Reserve at Walnut Creek is located near employment, retail and entertainment centers. Occupancy at the time of sale was 94 percent.

February 9, 2015

Stage Equity Partners Acquires Medical Office Building in Houston

by Haisten Willis February 9, 2015

HOUSTON — Chicago-based healthcare real estate investment company Stage Equity Partners LLC has acquired a 24,075-square-foot multi-tenant medical office building in Houston. The single-story, Class A building was acquired in an off-market transaction from a local investment group. The property, located at 5650 E. Sam Houston Pkwy. (Beltway 8) in east Houston, is 100 percent leased by seven established medical practices. These include anchor tenant Texas Children’s Pediatrics (Texas Children’s Hospital), Bayshore Medical Center (HCA), Houston Eye Associates and Diagnostic Radiology of Texas. The property is within 20 minutes of Texas Children’s Hospital’s main campus, as well as other hospitals, for those patients requiring acute procedures.

February 9, 2015

Multifamily Texas

PRP Sells Apartment Complex in Metro Houston for $27M

by Haisten Willis February 9, 2015

KATY, TEXAS — PRP LLC has sold Providence at Grand Parkway, a 250-unit luxury community for active seniors 55 and older located in Katy. Built in 2009, the property features nine separate buildings and was developed through a partnership with Blazer Building Corp. Grand Parkway features a heated pool, business center, library, conference room, chapel, activity rooms, game room, a fitness center, media room and covered parking. The undisclosed buyer acquired the property for $27 million or $108,000 per unit. The property was 95 percent leased at the time of sale.

February 9, 2015

Office Texas

Moody Rambin Arranges Lease of Office Building in Houston

by Haisten Willis February 9, 2015

HOUSTON — London Offshore Consultants has leased 8,054 square feet at the Imperial 20 building, which is located at 16800 Imperial Valley Drive in the Greenspoint submarket of Houston. Kurt Kistler of Moody Rambin represented the owner, 16800 Imperial LLC. Chad Beck of Cushman & Wakefield represented the tenant in the transaction.

February 9, 2015

DoubleTree-by-Hilton-Hotel-Galveston-Beach

Hospitality Texas

DoubleTree by Hilton Opens on Galveston Island

by Haisten Willis February 6, 2015

GALVESTON, TEXAS — DoubleTree by Hilton Galveston Beach, a five-story, 97-room hotel located in the island’s dining and entertainment districts and overlooking the Gulf of Mexico, is now open. Formerly the Galveston Beach Hotel, the property has concluded a multi-million dollar renovation that includes a redesign of the lobby, food and beverage outlets, public spaces, meeting and event areas and guest rooms. The property is DoubleTree by Hilton’s first hotel in Galveston. 17th Street Properties LLC owns the property and Houston-based American Liberty Hospitality will manage the property. Amenities include a saltwater swimming pool with swim-up bar, 24-hour fitness center, laundry service, on-site parking, 24-hour business center and in-room safes. Free WiFi is also available throughout the hotel’s public areas and guest rooms. The hotel is located at 1702 Seawall Blvd.

February 6, 2015

Mixed-Use Multifamily Texas

CenterSquare Sells Two Properties in Houston

by Haisten Willis February 6, 2015

HOUSTON — CenterSquare Investment Management has sold 1301 Fannin Street and the Villas at Hermann Park, both in Houston. 1301 Fannin Street is a 784,000-square-foot, Class A, mixed-use office tower and data center in Houston’s central business district. The Pennsylvania-based investment boutique of BNY Mellon acquired the property in 2007 in a joint venture with Houston-based Griffin Partners. During the eight-year hold period, the building’s common areas and infrastructure were upgraded resulting in net operating income (NOI) growth of 71.6 percent. The Villas at Hermann Park is a 320-unit, Class A apartment project south of downtown Houston. The property was purchased in 2011. During the 3.5-year hold, the property’s common areas and apartment interiors were upgraded resulting in NOI growth of 20.5 percent.

February 6, 2015

Loans Multifamily Texas

RED Provides $8.9M Loan for Apartment Complex in Metro Dallas

by Haisten Willis February 6, 2015

ALLEN, TEXAS — RED Capital Partners LLC has provided an $8.9 million balance sheet construction loan to Dolce Living Communities Residential (DLCR) for the construction of Bella Terra at Twin Creeks, a 374-unit, Class A apartment complex in Allen, a suburb of Dallas. The $51.3 million construction project will be capitalized with a Fifth Third Bank first mortgage, equity funding arranged by Nebo Capital with Mountain Capital Partners along with the $8.9 million in mezzanine debt provided by RED Capital Partners. RED retains the exclusivity on permanent financing for the project.

February 6, 2015

Retail Texas

Kennedy Wilson Arranges Sale of Historic Aztec Theatre in San Antonio

by Haisten Willis February 6, 2015

SAN ANTONIO – Kennedy Wilson represented both the buyer and the seller in the sale of the 112,000-square-foot building known as the Aztec Theatre, a historic mixed-use building located at 201 E. Commerce Street in San Antonio. The structure was recently renovated and is located in the central business district. Suzanne Havekost of Kennedy Wilson’s brokerage group in the firm’s San Antonio office represented the buyer, Aztec Family Group LLC, and the seller, Aztec Project Development Ltd., in the transaction. Built in 1926, the theatre underwent more than $20 million in restorations and renovations, first in 1998 when Belgian Baron Theodore Bracht of Aztec Project Development Ltd. purchased the property . In 2013, Sam Panchevre of the Aztec Family Group LLC leased the facility and made an additional investment to increase the seating capacity and upgraded the venue to accommodate live music and entertainment.

February 6, 2015

Multifamily Texas

M&M Arranges Sale of 220-Unit Apartment Building in Dallas

by Haisten Willis February 6, 2015

DALLAS — Marcus & Millichap has arranged the sale of The Villas of Sorrento, a 220-unit apartment property located in Dallas. Norman Eastwood, of Marcus & Millichap’s Dallas office, marketed the property on behalf of the seller, a partnership. Eastwood also procured the buyer, a limited liability company. The Villas of Sorrento is located at 3130 Stag Road, just east of I-45 and south of Loop 12. Built in 1996, features one-, two- and three-bedroom floor plans ranging from 624 square feet to 1,039 square feet. At the time of listing, the occupancy was 96 percent.

February 6, 2015

Market Reports Office Texas Texas Market Reports

What Does Oil Price Fallout Mean for Houston?

by Haisten Willis February 6, 2015

It’s safe to say that the recent drastic drop in oil prices is a hot topic everywhere, and it certainly dominates the discussion in Houston real estate. As we read market predictions of how long it will take for the price of oil to rebound and the impact it will have on the economy, we must try to predict on a micro level what the consequence will be to tenants and landlords. With the price of oil below $50 per barrel and still declining, it is understandable why the uncertainty of the market is causing many tenants to put their space requirements on hold or reconsider their occupancy plans altogether. Despite the Greater Houston Partnership’s projection for 63,000 new jobs to be added in Houston in 2015 and the countless construction cranes that can be seen all over the city, the daily announcements of layoffs, reduced capital expenditure plans and mergers leave considerable room for doubt and uncertainty about the market. Although the Houston economy is more diverse today than it was 30 years ago, a strong correlation between the price of oil and office rental rates remains. The Houston employment and real estate market will, however, benefit from its …

February 6, 2015

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