HOUSTON — Coldwell Banker Commercial United has arranged the sale of Tiffany Bay Court, an apartment complex located at 16505 Tiffany Bay Court in Houston. Patrick Buckhoff of Coldwell Banker represented the seller. Jerry Turner of Jerry Turner Realty represented the buyer, Homes Renew LLC.
DESOTO, TEXAS — Mark One Capital has arranged financing for the purchase of a four-story, 88-room Holiday Inn Express in Desoto, a suburb of Dallas. Chris Parker and Farhan Kabani of Mark One’s Dallas office arranged the financing. Chris Gomes of Marcus & Millichap’s Dallas office and Allan Miller of the firm’s San Antonio office represented the buyer and the seller in the transaction. The hotel was built in 2006 and renovated in 2012.
NORMAN, OKLA. — Marcus & Millichap has arranged the sale of Christian Brothers Automotive, a 4,945-square-foot, net-leased property in Norman, Okla. Jason Vitorino of Marcus & Millichap’s Dallas office represented the seller, a private investor. Steven Schechter of the firm’s Encino office represented the buyer, a personal trust that purchased the property in a 1031 tax-deferred exchange. Christian Brothers Automotive is located at 3050 Yarbrough Way in Norman, just north of Rock Creek Road. The Houston-based company has more than 115 locations in 15 states.
MCKINNEY, TEXAS — A joint venture between Kensington Realty Advisors and SEDCO Capital has acquired Orchard Park, a seniors housing complex in McKinney, a suburb of Dallas. Orchard Park is a 97-unit assisted living and memory care facility located 30 miles north of downtown Dallas. The property was completed in 2011 and is located near a major hospital.
THE COLONY, TEXAS — Several new tenants are set to move into Grandscape, a mixed-use development in The Colony. A Hampton Inn & Suites is projected to open in the fourth quarter of 2015, and a Homewood Suites will open in the fourth quarter of 2016. In addition, Cheddar’s Casual Café and Rock & Brews will open in the summer of 2015. Two more restaurants — Hard Eight BBQ and Mi Cocina — will open in the third quarter of 2015.
DALLAS — NAI Robert Lynn’s retail division has arranged a 45,000-square-foot retail lease to Texas Family Fitness at 910 W. Parker Blvd. in Plano. Dan Avnery represented the tenant in the transaction. The space is located in the Plano Towne Square shopping center near anchor stores such as Inwood National Bank, Rent-A-Center and Dollar General. The shopping center was originally built in 1985 and is located at North Central Expressway and Parker Boulevard. This will be Texas Family Fitness’ second location in Plano.
HOUSTON — StreetLights Residential has begun construction on a new 20-story residential tower known as The Carter. The property will sit on two acres between Montrose Street and Travis Street in the Houston Museum District, near Rice University and Herman Park. Gromatzky Dupree & Associates designed the building. The Carter will include 305 one-, two- and three-bedroom units along with townhouse and penthouse options. Amenities will include 10-foot ceilings, keyless entry systems, stone countertops and stainless steel appliances. The community will also feature a swimming pool, fire pits, private game room, gym, outdoor covered dog park, Wi-Fi, private garages and electric car charging stations. The property is scheduled for completion in late 2017.
GRAPEVINE, TEXAS — Grandbridge Real Estate Capital has arranged a $12 million permanent, fixed-rate loan secured by Dancing River of Grapevine. BB&T Real Estate Funding provided funding for the acquisition. The seven-year loan includes a 30-year amortization schedule with two years of interest-only payments. Dancing River of Grapevine is an 81-bed seniors housing complex with a mix of assisted living and memory care units. Amenities include an on-site salon, spa with massage services, library, fitness classes and private dining. Richard Thomas of Grandbridge originated the transaction for the undisclosed borrower.
IRVING, TEXAS — Panther FW Investments, in partnership with a local multifamily investment group, has sold two apartment complexes totaling 576 units. Glen Arbor and Westgate Apartments are located next to each other at Belt Line Road and William Dehaes Drive in Irving. Panther owned the properties for the last three years, during which time it made capital improvements and upgraded the interiors with the goal of increasing rental revenue. Taylor Snoddy of Transwestern represented the seller.
NORMAN, OKLA. — Virtus Real Estate Capital, a real estate private equity firm, and Aspen Heights, a student housing development and management company, have partnered to develop a 684-bed cottage-style student housing community near the University of Oklahoma. Construction has begun on the complex, which will be completed in August 2015.
