IRVING AND COLLEGE STATION, TEXAS — Berkadia has negotiated the sale of two Texas multifamily properties. Tom Burns and Jay Gunn of the Dallas office negotiated the sale of Burn Brae, located at 4200 W. Northgate Drive in Irving. Burns and Gunn, along with Bill King, also brokered the sale of Meadows Point, located at 800 Marlon Pugh in College Station. Burn Brae, a 282-unit property built in 1983, features one- and two-bedroom floor plans. The property is located near Texas State Highways 161 and 183. Las Vegas-based The Chancellor LLC sold the property to Northgate Investors LLC of Avon, Conn. Meadows Point, a 444-unit property built in 1985, features one- and two-bedroom floor plans. The property is situated near Texas A&M University’s campus and members of the community have access to Texas State Highway 6. The buyer was CCSHP College Station LP of Philadelphia, and the seller was SW Meadows Point LP of Richardson.
CARROLLTON, TEXAS — Henry S. Miller has arranged a 7,402-square-foot lease for CR Assembly in Carrollton. CR Assembly leased 7,402 square feet of a 30,240-square-foot, multi-tenant building from 3220 Commander Inc. The light assembly office/warehouse is located on the west side of Addison Airport off of Midway Road. Jim Turano of Henry S. Miller’s office division arranged the lease.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Parkway East Townhomes, a 70-unit apartment property located in Arlington. Matt Davis, of Marcus & Millichap’s Dallas office, marketed the property on behalf of the seller, an individual/personal trust. Davis also procured the buyer, a private investor. Parkway East Townhomes is located at 1541 Parkway Lane at the corner of East Pioneer Parkway. Built in 1971, the asset is situated on more than five acres and includes two-bedroom and three-bedroom floor plans. The property features a leasing office, a swimming pool and a storage unit.
CONROE, TEXAS —Newcor Commercial Real Estate has arranged the sale of a 2.6-acre tract located at State Highway 105 just west of Loop 336 in Conroe. Nicole Meador of Lake Conroe Realty represented the buyer John Williamson. David Alexander of Newcor represented the seller, 105 – 336 Conroe LP.
There is no denying that most, if not all, industrial markets across Texas were exposed to the economic effects of the “Great Recession.” McAllen and the Rio Grande Valley of Texas were no different. However, today Texas markets are again thriving with activity and occupancy above recession-contracted rates. Trends for McAllen—the seventh largest industrial market in Texas—are following suit. Economic The McAllen-Edinburg-Mission metropolitan statistical area (MSA) has evolved as a vital part of the dynamic Rio Grande Valley in south Texas. Once a rural and agricultural region, the area is now one of the fastest growing in Texas, fueled by accelerated population growth, economic development and a booming neighboring industrial market in north-central and northeastern Mexico. Data from the U.S. Census Bureau show that the McAllen MSA, also defined as Hidalgo County, has almost tripled in population since 1980, from 283,323 to 815,996 in 2013. Likewise, an overall Metro Business Cycle Index produced by the Federal Reserve Bank of Dallas places the McAllen MSA as the second most improved metropolitan area in Texas and first among the border markets, relative to its own base since 1980. The index, which summarizes the broad movements in nonagricultural employment, the unemployment rate, real …
PLANO, TEXAS — Bob Moore Construction has completed structural work for the Legacy VI and VII office buildings. Upon completion, Legacy VI and VII will deliver 245,508 square feet of speculative office space in a 24-acre, three-building campus. Lincoln Property Co. hired Bob Moore Construction as the general contractor for Legacy VI and VII in 2014. Legacy VI will include two buildings, each spanning 60,428 square feet. Legacy VII is a 124,652-square-foot, two-story office building. All three buildings were constructed with tilt-up construction. The campus also features 1,463 parking spaces spread over 582,522 square feet of new paving.
HOUSTON — Gaia Real Estate, Menora Mivtachim Insurance and Amitim Senior Pension Funds have acquired a five-property, 1,376-unit portfolio located in Houston. Menora Mivtachim is an Israel-based insurance company and Amitim is Israel’s largest institutional organization. The Class B multifamily properties are concentrated amongst two locations in the Spring Branch/Bear Creek and Champions East submarkets. Amenities at the properties include swimming pools and spas, fitness centers, playgrounds, resident business centers, barbeque areas as well as covered parking. Gaia owns more than 16,500 residential units with 5,670 units spread throughout 19 properties in Houston. The company plans a comprehensive unit and exterior capital upgrade program and will rebrand some of the communities.
DALLAS — Marcus & Millichap has arranged the sale of Cockrell Hill Apartments, a 32-unit apartment property located in Dallas. Robert Denninger of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. An outside broker represented the buyer, a limited liability company. Cockrell Hill Apartments is located at 4355 Division St., just off North Cockrell Hill Road. The Class C asset is situated on nearly three acres and consists of eight two-story buildings with four one-bedroom/one bath-units and 28 two-bedroom/two-bath units. Since 2009, the asset has undergone renovations that have included the addition of a new roof, a parking lot expansion, HVAC replacements, both exterior and interior improvements and the implementation of a washer/dryer program.
PROSPER, TEXAS — Dallas-based Tribute Senior Living will begin construction this spring on an advanced memory care and seniors living community at the corner of Preston Road and Broadway in Prosper, Texas. Upon completion in 2016, the 60,000-square-foot community will be home to 100 residents. “There are more than 5.2 million people living with Alzheimer’s disease in the United States,” says Charles Hodges, a partner with Tribute. “That number is expected to grow to more than 16 million by 2050. Those are very real numbers and when you also consider the family and friends touched by this horrible disease, we are talking about hundreds of millions of people affected in one way or another.” Sodalis Elder Living principal and Tribute Senior Living partner Mark Rushing will serve as the operating partner. The team has formally partnered with Dr. Paula Grammas, former executive director of the Garrison Institute on Aging and tenured professor of neurology at the Texas Tech University School of Medicine, to ensure that the communities utilize every environmental and care advantage in treating Alzheimer’s and dementia.
LAKEWAY, TEXAS — Muskin Commercial has arranged the sale of 538 units at the All-Ways Storage facility located at 15402 Kollmeyer Drive and 911 N. Ranch Road 620 in Lakeway. The site includes 131 climate-controlled and 386 non-climate-controlled units, along with 21 uncovered outside storage parking spaces. The property sits on three tracts of land with frontage along RR 620.A Maryland-based self-storage company purchased the property. Ellen Muskin and Daniel Elam of Muskin Commercial represented the seller, All-Ways Self Storage LP of Austin, who was the original builder and developer of the property.