AUSTIN — Capital One Multifamily Finance has provided a $19.5 million Fannie Mae fixed loan for the acquisition of City Point, a 396-unit apartment complex in Austin. Firmus Equity Partners was the borrower. Adam Bieber with Capital One’s Bethesda, Maryland office originated the transaction. The property was built in 1983 and is located near the intersection of I-35 and U.S. Highway 290. The borrower plans to complete interior renovations. The seven-year loan features two years of interest-only payments and a 30-year amortization schedule.
CYPRESS, TEXAS — Marcus & Millichap has arranged the sale of Northlake Forest Shopping Center, a 20,340-square-foot retail property in Cypress. Watt Harrison and James H. Bell of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a partnership. Bell and Harrison also secured the buyer, a private investor. Northlake Forest Shopping Center is located at 15210 Spring Cypress Road.
DALLAS — Performance Properties LLC has acquired the 370-unit Linda Vista Apartments in Dallas. The company plans to spend $1.3 million on renovations at the complex. The apartments are located at 13450 Manham Road and were 98 percent leased at the time of sale. Linda Vista consists of 18 buildings and was built in 1980. Units average 667 square feet with a mix of one- and two-bedroom layouts.
HOUSTON — NAI Houston has arranged the sale of a 27,000-square-foot spec building located on 3.3 acres at 9851 Genard Road in Houston. Chris Kugle and John Ferruzzo of NAI Houston represented the seller, Brennan Investments. John Nicholson of Cassidy Turley represented the buyer, Ferguson Enterprises Inc.
Positive economic indicators in the San Antonio metro area are bolstering commercial real estate operations. Companies are expanding or relocating to San Antonio, attracted by the diverse economy and skilled workforce. Over the past year, all major employment sectors contributed to job gains. San Antonio recovered all of the jobs lost during the recession some time ago and there is no sign of slowing down. One of the strongest economic contributors is the extraction of oil and natural gas in the Eagle Ford Shale south of San Antonio, which generates thousands of jobs and billions of dollars in output. Heightened production in shale is boosting construction. Recently, Republic Midstream announced a $400 million pipeline and terminal system at Eagle Ford Shale. Additionally, the expanding government sector is fueling job growth due in part to the region’s extensive military operations. As employment prospects grow and a comparatively low cost of living draws new residents to San Antonio, demand for rental housing is strengthening. With single-family home prices on the rise, the renter pool is growing as the gap between owning and renting widens. Effect on Multifamily Sector Capitalizing on these trends during 2014, multifamily developers will deliver one of the largest …
FRISCO, TEXAS — The Dallas Cowboys and Omni Hotels & Resorts are partnering to develop a new hotel at the future site of the Cowboys’ headquarters in Frisco. The Omni property will be one of the only full-service hotels in the area and will serve as part of a mixed-use development anchored by the team headquarters and Frisco’s multi-use event center. The hotel will feature 300 guestrooms, meeting space, a ballroom and a rooftop pool deck. The Cowboys’ headquarters will be the home to the team’s entire football operations, including administrative offices, coaches’ offices and home of the team cheerleaders. The mixed-use development will span 66 acres of the 90-acre tract.
DALLAS — Dougherty Mortgage LLC has arranged a $9 million Fannie Mae loan for Bristol Square, a 341-unit apartment complex in Dallas. The 10-year loan includes one year of interest-only payments and a 30-year amortization schedule. Dougherty’s Dallas office arranged the loan for the borrower, McGuire Family Taraval Property LLC. Apartment units at Bristol Square include ceiling fans, walk-in closets, washer and dryer connections, sunrooms, patios and balconies.
BEAUMONT, TEXAS — NAI Wheeler has brokered the sale of the Historic Hotel Beaumont. NAI represented the seller, the city of Beaumont. Garden Street Holdings LLC was the buyer. Hotel Beaumont was built in the “Beaux-Arts” architectural style in 1922 and received historical designation in 1978. The property was renovated in 2000 and is surrounded by museums and other historical buildings.
ROWLETT, TEXAS — Marcus & Millichap has arranged the sale of a 4,965-square-foot McDonald’s in Rowlett. Blake Burnett of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Jason Vitorino and Jared Aubrey of the firm’s Dallas office procured the buyer, also a limited liability company. The McDonald’s is located at 8503 Lakeview Pkwy. near the Lakeview Square shopping center. Nearby tenants include Albertsons, Tom Thumb, Starbucks and Chase Bank.
ARLINGTON, TEXAS — UCR Investment Sales has arranged the sale of Arlington Park Square, a 94,125-square-foot retail center located in Arlington. The property is located at the northeast corner of South Cooper Street and West Arbrook Boulevard. The Parks at Arlington Mall anchors the property. Fitness Connection is the shadow anchor. The property was 47 percent occupied at the time. Five retail pad sites, including ground leases for Jack in the Box, Rockfish Seafood Grill and Raising Cane’s, were also part of the transaction. Adam Howells, Jace Hinderland and Jessica Donnelli of UCR marketed the property on behalf of the Dallas-based seller. Bo Avery, president of TriMarsh Properties, purchased the center for an undisclosed sales price.