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.
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.
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.
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.
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.
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.
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.
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.
HOUSTON — Carroll Organization has arranged the sale of ARIUM Westheimer and ARIUM Westheimer Villas. The properties are located at 13099 Westheimer Road and 2727 Synott Road in Houston. Carroll acquired the properties in 2013 with plans to implement a value-add renovation plan and streamline management operations. The two properties were built in 2006 and 2009 and are located within a block of the southern boundary of Houston’s Energy Corridor. The corridor includes more than 18 million square feet of office space, 1.4 million square feet of retail and 1.4 million square feet of industrial space. Each complex spans 330 units.
AUSTIN, TEXAS — Independence Realty Trust Inc. has acquired an apartment complex in Austin for $35.3 million. IRT used $26.7 million of cash and issued operating partnership common units valued at $8.6 million to acquire the complex. RAIT Presidential will provide property management services. The 300-unit apartment complex was built in 2001 and 2002 and has an average unit size of 1,055 square feet. The property was 96 percent occupied at the time of sale with an average effective rent per occupied unit of $1,146.
