SAN ANTONIO — Mason Joseph Co. Inc., a San Antonio-based FHA multifamily lender, has secured a combination substantial rehab/construction and permanent loan for Western Hills Apartments. The property’s 41 single-story buildings include 148 units. The property, built in the 1960s, will undergo renovations to include the addition of new kitchens, appliances, bathrooms, electrical work, various external improvements and improvements to meet accessibility standards. MJC obtained an $8.2 million, 40-year construction and permanent loan using HUD’s 221(d)(4) mortgage insurance program. Financing was arranged for Alamo Community Group, a private nonprofit housing organization founded in 1990.
AUSTIN — HFF has arranged the sale of Lakeway Resort and Spa, a 168-room hotel and spa located at Lake Travis in northwest Austin. The property is located at 101 Lakeway Drive and is 21 miles from downtown Austin. HFF marketed the property on behalf of the seller. Ashford Hospitality Trust purchased the property, which was originally built in the 1960s. The Lakeway Resort and Spa was expanded in 1992, 2001 and 2007 and recently underwent renovations in 2014. The four-building property features 24,174 square feet of meeting space, the San Saba Spa and Fitness Center, three swimming pools, a swim-up bar, heated whirlpool, outdoor pool deck with cabanas and lounge chairs, Kid Zone and full-service restaurant. In addition to the 168 rooms, there are eight luxury condominium units available through a rental pool agreement. The property overlooks Lake Travis, is adjacent to the Lakeway Marina and is near four 18-hole championship golf courses. Daniel Peek, John Bourret and Austin Brooks led HFF’s investment sales team.
HOUSTON — MCR Development LLC has completed a renovation of the TownePlace Suites by Marriott Houston Intercontinental Airport, a 134-suite extended stay hotel located at 4015 Interwood N. Pkwy in Houston. A communal table with power outlets and USB ports was installed in the lobby for guests to charge their mobile devices, and the front desk was revamped to better serve guests’ needs. Additionally, the marketplace was redesigned and the fitness center now features all-new exercise equipment including free weights, elliptical machines, stationary bicycles and treadmills with personal TVs. All guest suites feature separate living and sleeping areas, fully equipped kitchens and 32-inch TVs. Hotel amenities include an outdoor swimming pool, a jogging and fitness trail, a grilling pavilion and free high speed internet.
DALLAS — Five new restaurant and retail additions have been made at Victory Park, the first wave of retail announcements in the Dallas district’s redevelopment. The new tenants bring more than 10,500 square feet of added retail, restaurant and service-related businesses to the district, which is being developed by Trademark Property Co. The new tenants include; BuzzBrews, a 4,612-square-foot restaurant opening its fourth Dallas location in the fall of 2015; Jimmy John’s, a 1,767-square-foot restaurant slated to open in spring 2015 at 2416 Victory Park Lane; Victory Park CrossFit, a 2,523-square-foot fitness center scheduled to open in spring 2015 at 2312 Victory Park Lane; Read Between the Lines, a 1,164-square-foot stationary store now open at 2412 Victory Park Lane; and Simply Elegant, a 474-square-foot floral design store now open at 2424 Victory Park Lane. In addition to these new tenants, Victory Park features more than 165,000 square feet of retail, restaurant and entertainment space. In addition, the district includes 621,000 square feet of Class A office space, the 252-room W Dallas – Victory Hotel, and more than 1,700 residential units.
HOUSTON — Boxer Property has arranged a lease for SmartVault Corp., a provider of software as a service online document storage and secure file sharing solutions. SmartVault will occupy 7,412 square feet of office space at 720 N. Post Oak Road in Houston. Ashley Myers negotiated the lease on behalf of Boxer Property. The six-floor office building is located north of Uptown Park shopping center and is near the Marque Center and Metro Busline. The building offers a common area conference room, on-site deli with free WiFi, a parking garage and 24-hour key card access.
DALLAS — M&M has arranged the sale of Mandalay Palms, a 600-unit apartment property in Dallas. Al Silva of Marcus & Millichap’s National Multi Housing Group in Fort Worth marketed the property on behalf of the seller, an El Paso-based investment company. Silva also secured the buyer, a local partnership. Brian Adams of Institutional Property Advisors arranged financing. Mandalay Palms was built on more than 25 acres in 1985. The property is located at 7501 Chesterfield Drive in Dallas and has access to I-20 and U.S. Highway 67. Apartments feature vaulted ceilings, walk-in closets, patios or balconies and fully equipped kitchens with pantries. Most units also have washer and dryer connections. Community amenities include two swimming pools, onsite laundry facilities and a clubhouse.
AUSTIN, TEXAS — ARA has brokered the sale of Platinum Southside, a 195-unit apartment community located in Austin. Patton Jones of ARA represented the seller, New York-based Clarion Partners, in the transaction. FrontRange Capital Partners, a Denver-based private equity firm, was the buyer. Built in 2009, Platinum Southside is located in the South Central submarket. Units average 934 square feet and include nine-foot ceilings. Amenities include a clubhouse with leasing center, cyber cafe with WiFi, billiards, business center, beverage bar and a pool with grilling stations and picnic areas. Platinum Southside is located in south Austin. The property is located near U.S. Highway 290, U.S. Highway 71 and MoPac Expressway. The property was 95 percent occupied at the time of sale.
NEW BRAUNFELS, TEXAS — San Antonio Commercial Advisors, a member of the Cushman & Wakefield Alliance, has arranged the sale of Cotton Crossing, a 118-unit, Class A apartment complex located in New Braunfels. Brandon Lo Porto and Scott Weems or San Antonio Commercial represented the buyer, a California-based private investor, and the seller, a Kentucky based partnership.
MCKINNEY, TEXAS — Grandbridge Real Estate Capital has arranged a $33.2 million loan secured by Century Lake Forest Apartments, a 334-unit apartment complex located in McKinney. Fannie Mae provided funding for the seven-year, fixed-rate acquisition loan. The loan includes a 30-year amortization schedule with three years of interest-only payments. Taylor Williams and Purvesh Gosalia of Grandbridge originated the transaction. The property was built in 2013 and is situated on more than15 acres located approximately 30 miles north of downtown Dallas. Century Lake Forest is comprised of 12 three-story buildings with 20 one-, two- and three-bedroom floor plan options.
DALLAS — Marcus & Millichap has arranged the sale of Ken Griffin Mini Storage, an 18,639-square-foot self-storage facility located in Dallas. The asset sold for $525,000. Brandon Karr and Danny Cunningham of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private investor. Karr and Cunningham represented the buyer, another private investor. Ken Griffin Mini Storage is located at 3020 Duncanville Road. The facility was built in 1978 and features a manager’s office, garage-style doors, personalized keypad gated entry, video surveillance, perimeter fencing and lighting and concrete driveways. The property sits on more than one acre and includes 167 non-climate controlled storage units and three open parking spaces.