Texas

The RADCO Cos. Acquires Three Texas Apartment Complexes Totaling 916 Units

by Haisten Willis January 9, 2015

HOUSTON AND SAN ANTONIO — The RADCO Cos. has acquired a three-property multifamily portfolio containing a total of 916 units in Houston and San Antonio. The 122-unit Country Place and the 458-unit Saddle Ridge are both located in Houston, while the 336-unit Trails of Westlakes is located in San Antonio. The properties were built between 1975 and 1984 and were foreclosed upon in 2011 by Fannie Mae, which was the seller. RADCO financed the acquisitions with a mixture of bridge debt and private equity. PCCP LLC. and Oklahoma Fidelity Bank provided the debt. The 17-building Country Place is located on Houston’s west side in the center of the city’s energy corridor, three miles east of Beltway 8. Saddle Ridge is located in Houston’s Northshore/Wood Forest submarket with access to the city’s central business district and the Port of Houston. Trails of Westlakes is located in western San Antonio. RADCO will invest $12.2 million to upgrade interiors at all three properties. The company will also improve the building exteriors and expand the amenity packages.

January 9, 2015

Construction Set to Begin on Office Park in Metro Houston

by Haisten Willis January 9, 2015

SPRING, TEXAS — Construction will soon begin on Havenwood Office Park at 25700 I-45 North, between Woodlands Parkway and Sawdust Road in Spring. The development will replace the current Brookhaven Business Park. Havenwood Office Park will feature a LEED Silver-certified, four-story building spanning 250,000 square feet of Class A office space. Everson Developments LLC is the developer and The J. Beard Real Estate Co. will handle leasing of the space.. The project will be designed by Powers Brown Architects and will be built by EE Reed Construction LP. Amenities will include a parking garage, covered walkways and an outdoor plaza. Construction will be completed in the fourth quarter of 2015.

January 9, 2015

Multifamily Texas

NorthMarq Arranges $20M Refinancing of Apartment Complex in Metro Houston

by Haisten Willis January 9, 2015

LEAGUE CITY, TEXAS — NorthMarq Capital’s Kansas City office has completed the $20 million refinancing of Grand Villas at Tuscan Lakes, a 206-unit multifamily property located at 1800 S. Egret Bay Blvd. in League City. The 10-year loan includes five years of interest-only payments and a 30-year amortization schedule. Greg Duvall of NorthMarq arranged financing through its seller/servicer relationship with Freddie Mac.

January 9, 2015

Office Texas

GLL Real Estate Partners Acquires Office Property in Austin

by Haisten Willis January 9, 2015

AUSTIN, TEXAS — GLL Real Estate Partners has acquired Prominent Pointe I and II, a pair of mid-rise office buildings at 8310 N. Capital of Texas Highway in northwest Austin. San Francisco-based Divco West was the seller. Prominent Pointe I and II total 256,027 square feet of Class A office space. Current tenants include IXIA, JMJ Associates, Sony Online, UTC Fire and Security Americas, Texas Hospital Insurance Exchange and the law firm of Naman, Howell, Smith & Lee. Prominent Pointe I was built in 1985 and renovated in 2013. Prominent Pointe II was completed in 2008. The complex offers more than 900 parking spots, most of which are located in a central parking structure.

January 9, 2015

Multifamily Texas

The RADCO Cos. Acquires 714-Unit Multifamily Portfolio for $38.5M

by Haisten Willis January 8, 2015

OKLAHOMA CITY — The RADCO Cos. has acquired a three-property multifamily portfolio in Oklahoma City for $38.5 million with plans to invest more than $7.6 million to improve the properties. Arbor Lake, Deer Creek and Lincoln Greens contain a combined 714 units and are located in the north-central Oklahoma City market near Lake Hefner. The Class B properties average 94 percent occupancy and were built between 1984 and 1986. RADCO financed the purchase with a mixture of bridge debt and private equity. Arbor Lake is a townhome community originally built as condominiums. It consists of one- and two-bedroom units. Deer Creek consists of 104 units with either one or two bedrooms. Lincoln Greens is a 458-unit complex with one- and two-bedroom layouts.

January 8, 2015

Multifamily Texas

IPA Arranges Sale of 149-Unit Apartment Complex in San Antonio

by Haisten Willis January 8, 2015

SAN ANTONIO — Institutional Property Advisors, a division of Marcus & Millichap, has arranged the sale of Castle Hills Townhomes, a 149-unit, townhome-style apartment complex in San Antonio. The property was built in 1998 on eight acres and is located one block east of Northwest Military Highway. The complex is near the South Texas Medical Center and the United Services Automobile Association’s headquarters. Will Balthrope and Drew Kile of IPA represented the seller, Sendera Investment Group LLC of Austin. Hayden Properties, of Oregon, is the buyer. The previous owner completed an exterior renovation and the interiors of 63 percent of the apartments have been upgraded. Castle Hills Townhomes includes one-, two- and three-bedroom floorplans with an average unit size of 1,000 square feet.

January 8, 2015

Office Texas

Transwestern Brokers Sale of Office Property in Austin

by Haisten Willis January 8, 2015

AUSTIN — Transwestern has brokered the sale of Park Central to an investment partnership headed by Vista Equities Group of Houston. Park Central is a 114,091-square-foot office building located in Austin’s north submarket near the intersection of I-35 and Parmer Lane. The three-story building was 74 percent leased to six tenants at the time of sale. Hale Umstattd and Leah Gallagher of Transwestern represented the seller. The property was built in 2008. GE Capital Corp. provided financing for the acquisition, which Tyler Ford of HFF’s Houston office arranged.

January 8, 2015

Texas

JLL Arranges Sale of Office Property in Houston

by Haisten Willis January 8, 2015

HOUSTON — JLL Capital Markets has arranged the sale of 1500 CityWest, a 192,313-square-foot, Class A office building located in Houston’s Westchase submarket. Unilev Capital Corp. purchased the property and will manage the asset. Rudy Hubbard, Kevin McConn and Rick Goings led JLL’s sales team in the transaction. The 10-story property was built in 1981 and is located at the intersection of CityWest Boulevard and Briar Forest Drive, with direct access to West Sam Houston Parkway and the Westpark Tollway.

January 8, 2015

Multifamily Texas

CBRE Brokers Sale of Villas on Fair Oaks in Dallas

by Haisten Willis January 8, 2015

DALLAS — CBRE Capital Markets’ multifamily team has brokered the sale of The Villas on Fair Oaks on behalf of California-based CCC&R Investment Group. Vizao TTH Partners II LP purchased the apartment complex. Chris Deuillet with CBRE represented the seller. The Villas on Fair Oaks will be rebranded as Valenceo @ Midtown and is located at 7222 Fair Oaks Ave., in the Vickery Meadow area of Midtown Dallas. The property includes 284 apartment units and is 48 percent occupied. Vizao plans to make renovations and improvements at the property.

January 8, 2015

Retail Texas

New Retail Development To Be Built in Metro Houston

by Haisten Willis January 7, 2015

LEAGUE CITY, TEXAS — NewQuest Properties will begin this year on Marketplace at Ninety-Six, a 36-acre retail development in League City featuring a 123,000-square-foot Kroger Marketplace as well as several pad sites and 25,000 square feet of retail space. The project is set for completion in early 2016. There are more than 6,000 homes within the immediate area, with nearby residential communities including Brittany Lakes, Brittany Bay, Sedona, Westover Park and Magnolia Creek. The development is located less than half a mile from I-45.

January 7, 2015

Newer Posts

Older Posts