HOUSTON — Westmount Realty Capital LLC has acquired the Braesridge Apartments located at 11100 Braesridge Drive in southwest Houston. Westmount is rebranding the garden-style apartment community as Westmount at Braesridge. The three-story asset was constructed in 1982 and consists of 542 units totaling 413,276 square feet on 16.7 acres, for an average of 32 units per acre. The apartments are a mix of one- and two-bedroom units ranging from 550 square feet to 1,300 square feet with elevators to all third floor units. Amenities include a clubhouse, complimentary assigned covered parking, a courtyard area with two gazebos, dining hall with full kitchen, two swimming pools, a business center and limited access gates. Westmount’s planned interior renovations will include lighting and plumbing fixture updates, cabinetry, countertops, appliances and faux wood flooring. Exterior improvements will address wood/stucco repair, landscaping, upgrades to the leasing office, parking lot repairs and upgraded exterior lighting. Westmount has budgeted to upgrade the pool area with new seating areas, pool furniture and the addition of an outdoor kitchen. The Dallas office of NorthMarq Capital arranged financing for the acquisition.
DALLAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $6.2 million cash out refinancing for a portfolio of four apartment properties consisting of 116 units located in Dallas. The non-recourse loan featured a 10-year term with 4.6 percent interest, a 30-year amortization schedule and three years of interest-only payments. The loan was arranged through one of BMC Capital’s correspondent agency relationships.
HOUSTON — PCCP has provided a $55.2 million senior loan to a joint venture between The Carlyle Group and Pelican Builders for the development of The Wilshire, a 17-story, 96-unit condominium project in the River Oaks submarket of Houston. Construction is underway with completion of the project anticipated for mid-2017. Adam Allen of ARA Houston arranged the financing. The Wilshire is located at 2049 Westcreek Lane and is adjacent to a 650,000-square-foot mixed-use project called The River Oaks District, which is being developed by OliverMcMillan. The Wilshire is located in the Inner Loop of Houston, adjacent to the Galleria/Uptown submarket and the River Oaks neighborhood. Houston-based Pelican will develop The Wilshire. The Carlyle Group is a global alternative asset manager with more than $193 billion of assets under management.
HUMBLE, TEXAS — Brandon Brown of LMI Capital has arranged $9 million in debt for the refinancing of a garden-style apartment complex in Humble. Brown worked on behalf of the borrower to obtain a fixed-rate loan featuring three years of interest-only payments to refinance the existing debt 12 months before the loan comes to term. With the new, 10-year loan, the borrower significantly reduced his interest expense and recaptured the equity injected during the property’s rehab.
DALLAS — Three retail real estate industry veterans have launched Trivanta, a real estate advisory firm specializing in the disposition of net-leased properties. Bob Moorhead, Joe Caputo and Mark Wheeler have joined forces as managing partners, with a collective 60 years of industry experience and sales transactions valued at over $2.4 billion. Trivanta, headquartered in Dallas, specializes in seller representation and works with build-to-suit developers, existing owners of net-leased properties and tenants that want to sell their real estate and lease it back on a long-term basis. Assignments range from marketing single assets to large portfolios nationwide. Moorhead and Caputo came together in 2011 at EXP Realty Advisors, where they built their team and marketing platform. In 2014, the pair closed more than 100 transactions. Prior to Trivanta, Wheeler founded Retail Resource Group, a full-service tenant outsource real estate solution.
PLANO, TEXAS — Dallas-based real estate developers Roger Gault of Gault Co. and Robert Gunby with RTG Capital LLC, along with Shane Shoulders, have broken ground on Phase II of Willow Bend Commons located at 1855 Dallas Parkway in Plano. The 6,000-square-foot retail building is 70 percent pre-leased. Completion is planned for October of this year. The partners purchased 5.2 acres from Costco for the development, which is on the west side of the tollway, south of Park. Phase I is a 14,000-square-foot retail center that was 100 percent leased before construction finished at the end of 2014. The first tenants opened for business in late February.
DALLAS — StreetLights Residential has topped out The Jordan Uptown, a new high-rise development in Dallas. Sitting on nearly one acre, the project site is located off McKinney Avenue at the Maple/Routh connection and Thomas Avenue in the Uptown area. Gromatzky Dupree & Associates designed the 23-story project to feature 212 units with one- and two-bedroom floor plans, in addition to penthouse options with views of the Dallas skyline. Units range from 735 to 2,262 square feet. The community will offer 24-hour concierge services, a private resident bar, Wi-Fi conference room and controlled access onsite garage parking including electric car charging stations. Apartment features will include keyless entry, stainless steel appliances, granite countertops and custom cabinetry, 24- and 30-inch stainless steel apron sinks, granite kitchen backsplashes and built-in Sonos surround sound. SLR is developing the project and SLR Uptown Construction LLC is serving as the general contractor. Waldrop + Nichols Studio LLC will design the unit interiors, and Studio Outside will design the landscape. Pre-leasing begins this fall and move-in is projected for January 2016.
CYPRESS, TEXAS — The Howard Hughes Corp., along with Bridgeland and The Woodlands Development Co., have begun construction on Lakeland Village Center, in which CVS/pharmacy will be the anchor retail tenant. Lakeland Village Center is the first commercial development in Bridgeland, a master-planned community in Cypress. Set on 20 acres along Fry Road, Phase I of Lakeland Village Center will include 84,000 square feet of retail, restaurants, and professional and medical offices. The center will also feature landscaping, views of two bordering lakes and sidewalks. The contractor for the project is VCC LLC. Completion of Phase I is slated for spring 2016. Lakeland Village Center is within walking distance of Lakeland Heights, a traditional neighborhood development in Bridgeland. The 15,300-square-foot CVS/pharmacy will feature a drive-thru pharmacy, along with health, beauty and personal care products. Construction is expected to begin in mid-July, and the store is scheduled to open in early 2016. Genesis Design Group is the architect for CVS/pharmacy. Rip Reynolds of The Howard Hughes Corp. and the J. Beard Real Estate Co. represented Bridgeland in the lease transaction.
FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Londonderry Apartments, a 240-unit apartment property located in Fort Worth. Al Silva of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, J Alexander Realty Group of Dallas. Silva also secured the buyer, a private investment group. Londonderry Apartments is located at 1401 Morrison Drive. The location offers access to I-30 and is located near AT&T Stadium. The new owner plans to make interior and exterior renovations to make the property more competitive in its rental market. The subject property was built in 1980 and consists of 18 buildings comprising pitched composition roofs with wood frames and brick and siding exteriors on concrete slab foundations. Amenities include a pool, a gazebo with a park area, washer/dryer connections, patios and outside storage.
IRVING AND DALLAS, TEXAS — HFF has secured a $41.5 million construction-to-permanent loan for the 325,000-square-foot corporate headquarters of 7-Eleven, which is under construction in the Cypress Waters master-planned community in Irving and Dallas. HFF worked on behalf of Billingsley Co. to secure the 12-year loan through Pacific Life Insurance Co. The new mid-rise office campus for 7-Eleven’s corporate headquarters is within Billingsley’s Cypress Waters master-planned community, a 1,000-acre waterfront development with office, multifamily and retail space in the central part of the Dallas-Fort Worth Metroplex. The campus will be situated on 21.6 acres at Beltline and I-635 in Irving. Cullen Aderhold, Trey Morsbach and Chad Russell led the HFF team in arranging the loan.