Texas

Newmark Arranges Sale of 350-Unit Villas Tech Ridge Apartments in Metro Austin

by Taylor Williams September 5, 2023

PFLUGERVILLE, TEXAS — Newmark has arranged the sale of Villas Tech Ridge, a 350-unit apartment community located in the northern Austin suburb of Pflugerville. Built in 2009, the garden-style property features a mix of one-, two- and three-bedroom floor plans with an average unit size of 976 square feet. Amenities include a pool with cabanas, a resident clubhouse, fitness center and a fenced dog run. Patton Jones and Andrew Dickson of Newmark represented the seller, an institutional client of New York Life Real Estate Investors, in the transaction. Colin Cross of Newmark arranged acquisition financing through an undisclosed lender on behalf of the buyer, Pegasus Real Estate.

September 5, 2023

Acquisitions Multifamily Texas

Draper & Kramer Acquires 307-Unit Griffis at Riata Apartments in Austin

by Taylor Williams September 5, 2023

AUSTIN, TEXAS — Chicago-based investment firm Draper & Kramer has acquired Griffis at Riata, a 307-unit apartment community that sits on a 17-acre site in Austin’s tech district. Built in 2017, Griffis at Riata comprises 195 one-bedroom units and 112 two-bedroom units across 17 buildings. Units range in size from 713 to 1,848 square feet and feature plank-style flooring, island kitchens with granite countertops, stainless steel appliances and individual washers and dryers. The amenity package consists of a pool, coworking spaces, resident lounge, two fitness centers, a dog park and outdoor grilling and dining areas. The seller was not disclosed. At the time of sale, the property, which will be rebranded as DK Riata, was 95 percent occupied.

September 5, 2023

Acquisitions Retail Texas

JLL Brokers Sale of 107,884 SF Shopping Center in San Antonio

by Taylor Williams September 5, 2023

SAN ANTONIO — JLL has brokered the sale of Terrell Plaza, a 107,884-square-foot shopping center located in San Antonio’s Alamo Heights neighborhood. Built in 1986 and renovated in 2012, the center was 96 percent leased at the time of sale to tenants such as Ross Dress for Less, Dollar Tree, Five Below, Popshelf, Sherwin-Williams and Sports Clips. Ryan West, Chris Gerard, John Indelli, Whitney Snell, Ryan Olive and Clay Anderson of JLL represented the seller, SITE Centers Corp., in the transaction. Property Commerce Dividend Fund acquired the asset for an undisclosed price.

September 5, 2023

Loans Multifamily Texas

Colliers Mortgage Provides $16.5M Agency Acquisition Loan for Multifamily Property in Grand Prairie, Texas

by Taylor Williams September 5, 2023

GRAND PRAIRIE, TEXAS — Colliers Mortgage has provided a $16.5 million Fannie Mae acquisition loan for The Chandler, a 164-unit multifamily property located roughly midway between Dallas and Fort Worth in Grand Prairie. The property offers one-, two- and three-bedroom units and amenities such as a pool and a playground. Robert Siddall, William Givens, Shawn Givens and Ken Higgins of Colliers Mortgage originated the financing, which was structured with a five-year term and a 35-year amortization schedule. The borrower was Dallas-based private equity firm Reap Capital.

September 5, 2023

Leasing Activity Office Texas

RobotLAB Signs 26,000 SF Office Lease in Southlake, Texas

by Taylor Williams September 5, 2023

SOUTHLAKE, TEXAS — RobotLAB Inc., an educational technology company that manufactures robotics and virtual reality products, has signed a 26,000-square-foot office lease in Southlake, a northern suburb of Fort Worth. The tenant is taking space at the 380,000-square-foot VariSpace Southlake facility, which offers an array of flexible workspace options. Chris Taylor, Johnny Johnson and Zach Bean of Cushman & Wakefield represented the landlord, VariSpace, in the lease negotiations. Eric Cannon of Silver Tree Management represented RobotLAB.

September 5, 2023

Acquisitions Development Mixed-Use Office Texas Top Stories

Chevron Acquires 77 Acres in Metro Houston, Plans Include Potential Research-and-Development Campus

by John Nelson September 5, 2023

CYPRESS, TEXAS — Oil-and-gas giant Chevron Corp. (NYSE: CVX) has acquired 77 acres in the northwest Houston suburb of Cypress. The parcel is situated within Bridgeland Central, a multi-phase campus spanning 925 acres within the larger Bridgeland master-planned community. The land seller was The Howard Hughes Corp. (NYSE: HHH), the master developer of the 11,500-acre Bridgeland development. The sales price for the Chevron land deal was not disclosed. “Chevron’s acquisition marks a pivotal moment for Bridgeland as the community enters its next phase of development as a leading job center for the region,” says Jim Carman, president of the Houston region for Howard Hughes Corp. “One of the top-selling communities in the country, Bridgeland is poised to benefit from the influx of businesses and their employees seeking to live and work in a centralized location that offers commercial opportunities, as well as single-family and multifamily housing options to meet growing demand.” Daniel Abate, head of corporate real estate for Chevron, says the company could potentially establish a research-and-development campus on the newly acquired land. “Chevron is attracted to the opportunities Bridgeland has to offer and views this acquisition as a strong addition to our asset portfolio,” says Abate. Details about the …

September 5, 2023

Loans Multifamily Texas

KeyBank Funds $32.3M Agency Loan for Refinancing of Metro Austin Apartment Community

by Taylor Williams September 1, 2023

GEORGETOWN, TEXAS — KeyBank Real Estate Capital has provided a $32.3 million Fannie Mae loan for the refinancing of Williamson at the Overlook, a 270-unit apartment community located in the northern Austin suburb of Georgetown. Built in 2019, the property offers one-, two- and three-bedroom units and amenities such as a pool with cabanas and grilling areas, a 24-hour fitness center, cybercafé, clubroom and an entertainment kitchen. Timothy DeWispelaere and Eric Jones of KeyBank originated the fixed-rate financing on behalf of the borrower, RSE Capital Partners.

September 1, 2023

Affordable Housing Development Loans Multifamily Texas

Amegy Bank Provides $25M Construction Loan for Houston Affordable Housing Project

by Taylor Williams September 1, 2023

HOUSTON — Regional lender Amegy Bank has provided a $25 million construction loan for NHH Gray, a 135-unit affordable housing project that will be located in Houston’s Northline neighborhood. The property will offer one-, two- and three-bedroom units that will be reserved for low- to moderate-income residents and amenities such as a community kitchen, lounge, library and meeting/social service offices. The building will also house a preschool that residents’ children can attend free of charge. The borrower is New Hope Housing. Construction is scheduled to begin in October and to be complete in summer 2025.

September 1, 2023

Development Office Texas

Grupo Haddad Completes $8M Renovation of Uptown Dallas Office Building

by Taylor Williams September 1, 2023

DALLAS — Mexican investment firm Grupo Haddad has completed the $8 million renovation of a 110,000-square-foot office building located at 2501 Cedar Springs Road in Uptown Dallas. The seven-story building was originally constructed in 1982. The renovation delivered an upgraded lobby, ground-floor restaurant with patio seating, tenant conference center, upgraded parking garage and enhanced common areas and restrooms. Significant improvements were also made to the building’s systems and equipment. Grupo Haddad has tapped Newmark to lease the newly renovated space.

September 1, 2023

Industrial Leasing Activity Texas

UMOJA Supply Chain Solutions Signs 176,152 SF Industrial Lease in North Houston

by Taylor Williams September 1, 2023

HOUSTON — UMOJA Supply Chain Solutions has signed a 176,152-square-foot industrial lease at Rankin 45 Distribution Center in North Houston. The cross-dock building features 32-foot clear heights, an ESFR sprinkler system, four drive-up ramps and parking for 259 cars and 23 trailers. Geoff Perrott and Jeff Venghaus of JLL, along with Matt Knafel with KWILL Advisors, represented UMOJA Supply Chain Solutions in the lease negotiations. Joseph Smith and Faron Wiley of CBRE represented the landlord, a joint venture between Trammell Crow Co. and Clarion Partners.

September 1, 2023

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