SAN ANTONIO — The RADCO Cos. has acquired Stratford Apartments in San Antonio for $20.6 million. Now renamed City Summit, the property’s amenities include two swimming pools, barbeque areas, a business center, fitness facility and a newly upgraded soccer field and playground. City Summit is located two miles north of the perimeter and within walking distance to one of the largest Medical Center Districts in Texas. RADCO financed the acquisition with private capital and financing from Alostar Bank of Commerce. CBRE brokered the transaction. Built in 1982, one-third of the property comprises townhome-style units. Atlanta-based RADCO plans to spend $4 million to upgrade the exterior amenities and interior finishes. With this acquisition, RADCO now owns 13,955 multifamily units in eight states in the Southeast and Central U.S.
TYLER, TEXAS — BMC Capital has secured $3.7 million in cash-out refinancing for an apartment property in Tyler. The loan includes a 3.9 percent fixed interest rate and 30-year amortization schedule for the Class C property. BMC arranged the seven-year loan at a 75 percent loan-to-value ratio through a bank correspondent.
HOUSTON — Roka Akor Steak, Seafood & Sushi has signed a lease for 6,591 square feet of ground floor space at 2929 Weslayan, a 40-story residential building at the northeast corner of Weslayan and West Alabama streets in Houston. This will be Roka Akor’s first location in Texas. Developed in 2015 by PMRG, 2929 Weslayan features 254 multifamily units and 11,880 square feet of retail and restaurant space. Property amenities include a 20-foot wall fountain in the lobby, stone and wood material palette throughout, a half-acre terrace, pool, fitness center and aqua lounge. Units range in size from 850 to 4,000 square feet. The building offers three penthouse levels, terraces, downtown views and direct-access elevators. James Namken, Kyle Knight and Edward Heap with The Weitzman Group represented PMRG in the lease. Mike Wheeler with Streetwise Retail Advisors represented the restaurant.
BROWNSVILLE, TEXAS — Hunington Properties Inc. has arranged the sale of a 4,826-square-foot Burger King restaurant located at 925 US-77 in Brownsville. The restaurant was rebuilt in 2014. The tenant is one of the largest franchisees in the Burger King system, operating 275 Burger King restaurants in Texas and Florida. The tenant occupies the property subject to a long-term triple net lease.
LUFKIN, TEXAS — Marcus & Millichap has arranged the sale of Fox Run, an 89-unit apartment property located in Lufkin. Nick Fluellen and Bard Hoover of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a partnership. Fluellen and Hoover also procured the buyer, an individual/personal trust. Fox Run is located at 300 S. John Redditt Drive, just northwest of Woodland Heights Medical Center. Constructed in 1976, the asset is situated on 2.8 acres. Fox Run consists of five two-story apartment buildings and one laundry/clubroom. The unit mix for Fox Run is 24 efficiency, 33 one-bedroom/one-bath, 20 two-bedroom/one-bath, and 12 two-bedroom/two-bath units. Floor plans range in size from 525 to 998 square feet. At the time of listing, Fox Run’s reported occupancy was 97 percent.
ARLINGTON, TEXAS — Rebecca Harrell of Henry S. Miller represented Town Oak Properties in the sale of a 3,150-square-foot medical office building located at 919 W. Randol Mill Road in Arlington. Alavi Legacy Foundation purchased the building for a pain management clinic scheduled to open in January 2016. The building is located across the street from Texas Health Arlington Memorial Hospital.
BROWNSVILLE, TEXAS — The Silver Group has arranged the sale of a single-tenant Burger King restaurant located at 925 U.S. Highway 77 in Brownsville. The freestanding 4,826-square-foot building is 1.5 years old and it replaced an older building that had become obsolete. At closing, the remaining triple-net lease term was 18.5 years. The investor acquired the asset to complete a 1031 tax-deferred exchange. Barry Silver of The Silver Group represented the out-of-state investor.
HOUSTON — Colliers International has arranged the sale of 4.5 acres located at 5555 W. Sam Houston Parkway to CKS Land Development LLC. The property is located on the west side of Sam Houston Parkway between Clay and Tanner roads, and it will be used for the construction of a 54,500-square-foot corporate building for CKS Land Development. Plans call for construction to begin in the first quarter of 2016. Archway 5555 WSHT Ltd. was the seller and was represented by Marshall Clinkscales, Greg Cizik and Edward Edson of Colliers International. Dylan Schopper of Northwinds Commercial Realty represented the buyer.
It has been a tremendous year for the Twin Cities of Texarkana, Texas and Texarkana, Ark. with the education sector topping $70 million and a $180 million major medical campus projected to commence in early 2016. Educational Opportunity Texas A&M University-Texarkana has been awarded $35.5 million in state funding for the construction of a new building to house and expand its nursing program, including the expansion of a Master’s Degree program, and to promote student success initiatives. The Texas A&M University system expanded its four year-university program to Texarkana in 2010, with the first freshman class admitted that year including Phase I dorms on the 300-plus acre Bringle Lake Campus. University of Arkansas Community College at Hope (UACCH) expanded a satellite campus on Texarkana’s Arkansas side in 2012, with over $5.4 million going toward the construction of two buildings that service over 300 local students. Working hand in hand with the University of Arkansas at Little Rock, UACCH has expanded their four-year university program, and will continue to grow as the new health professions building completes construction. Further education initiatives include a $29.2 million commitment from Texarkana Independent School District for the construction of a new sixth grade center and …
EULESS, TEXAS — Venture Commercial Real Estate has completed an assemblage of 43 acres of land located at the northeast quadrant of Cheek-Sparger Road and Heritage Avenue west of State Highway 121 in Euless. The buyer, Tonti Properties, is expected to break ground in spring 2016 on Trinity Union, a 457-unit multifamily community. The project has a mixture of product types including a four-story wrap-style building with structured parking and separate townhome-style buildings with direct-access garages and private yards. Trinity Union will feature an urban design, and 19 acres of the site will be devoted to retail use. John Zikos, Ken Reimer, Christopher Gibbons and Cheryl Hill of Venture worked with Tonti to acquire three separate land tracts. In the most complex of the transactions, Venture represented the seller, a family that had owned a 25-acre tract for 54 years, while Wilson Stafford of Edge Realty Capital Markets represented Tonti Properties. In the other transactions, Venture and Edge co-represented Tonti Properties.