HOUSTON — The Buckingham, a senior living community in Houston, will undergo a $56 million expansion that will add 186 new residences. The project includes the addition of 103 independent living apartment homes, 33 assisted living suites, 18 memory care residences and 32 private skilled nursing rooms. The new independent living units will be offered in one-, two- and three-bedroom floor plans. The Senior Quality Lifestyles Corp.-owned community opened in 2005 with 204 apartments, 43 assisted living suites, 16 memory care residences and 60 private skilled nursing rooms. Irving-based Greystone Development Co. LLC will develop and manage the expansion. Dallas-based D2 Architecture will design the project.
Texas
HOUSTON AND HUMBLE, TEXAS — TNRG has arranged the sale of two industrial properties in Houston and Humble. In the first, Long View Equity Partners II LTD purchased a 28,270-square-foot facility on 4553 Aldine Bender Road in Houston. Mike Spears and Mary-Elizabeth Moore with TNRG represented the buyer. Travis Land and John Ferruzzo with NAI Houston represented the seller, BRG Cornerstone Development Partners LLC. In the second transaction, Timothy Ray purchased a 3,000-square-foot facility on 2407B S. Houston Ave. in Humble. Thomas Leger and Chase Cribbs from TNRG represented the seller, LWS S. Houston Ave. LLC. Jason Kieschnick with Zann Commercial represented the buyer.
PLANO, TEXAS — Guardian Life Insurance Co. of America has opened a new facility in Plano, just north of Dallas. The office is located at 5850 Granite Pkwy. The facility will serve as Guardian’s Absence and Disability Management Solutions Center. Guardian is a mutual insurer founded in 1860 providing coverage to employees at more than 115,000 companies.
BRYAN, TEXAS — Texas A&M University has selected Satterfield & Pontikes Construction to build a new gross anatomy lab on the school’s Health Science Center campus located on Highway 47 in Bryan. The new $7.2 million facility will allow Texas A&M to bring all first-year medical students from different campuses to a central location. S&P’s Dallas office will lead construction on the project. Page is the project’s architect. The lab will include offices, teaching labs, specimen rooms, prep areas and washrooms. The 30,000-square-foot lab will be built next to the Medical Research & Education Building. Work on the project is expected for completion in July 2015.
DALLAS — Studio 6 Fitness is opening its second Dallas location at The Shops at Park Lane. The 2,700-square-foot gym will open later this month at 8180 Park Lane, Suite 343. Tom Metcalfe of Metcalfe Real Estate represented Studio 6 in the transaction. Amanda Gross and Ashley O’Malley of UCR represented The Shops at Park Lane. The property includes more than 5,000 parking spaces and is located near a Dallas Area Rapid Transit line.
DALLAS — Marcus & Millichap has arranged the sale of Reiger Apartments, an 18-unit apartment property in Dallas. Robert Denninger of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Denninger also represented the buyer, an individual/personal trust. Reiger Apartments is located at 5414 and 5418 Reiger Ave. in Dallas. The complex was built in 1972 and consists of two two-story buildings with 18 two-bedroom, one-bath units of approximately 800 square feet.
AUSTIN — Steadfast Apartment REIT has acquired two Austin-area apartment complexes in separate transactions. Club at Summer Valley and Terrace Cove are the REIT’s third and fourth acquisitions, bringing its portfolio to 1,047 apartment homes with an aggregate purchase price of $87 million. Club at Summer Valley is a 260-unit apartment complex built in 1983 on nine acres. The community is 98 percent occupied and is comprised of one- and two-bedroom apartments, one-bedroom townhomes and two-bedroom cottages. Apartments range from 563 to 1,229 square feet with average rents of $836. Terrace Cove is a 304-unit complex with one- and two-bedroom floor plans averaging 712 square feet. Built in 1986, the 13-acre complex is 98 percent occupied.
WILMER, TEXAS — USAA Real Estate Co. has acquired Dalport Trade Center, a 758,922-square-foot, Class A bulk distribution warehouse in Wilmer, from an undisclosed seller. The industrial property is located next to I-45 at Beltline Road just south of Dallas. Located in the Dalport Industrial Park, the Dalport Trade Center is 2.5 miles from the Union Pacific Intermodal center and 6.5 miles from the FedEx Ground Hub. The building was developed in 2008 by First Industrial as a Class A facility with truck courts, trailer and auto parking and five points of controlled ingress/egress.
FAIRFIELD AND EUSTACE, TEXAS — Boston Capital is investing in the construction of two apartment complexes in Texas. The first is StoneLeaf at Fairfield, a 49-unit development in Fairfield, 88 miles southeast of Dallas. The second is StoneLeaf at Eustace, also a 49-unit development located in Eustace, 60 miles southeast of Dallas. The developer is StoneLeaf Development LLC, located in Mabank. The developments will be built with tax credit equity from the Low Income Housing Tax Credit program. Both complexes will be available to families and individuals earning 60 percent or less of the Area Median Income. Both complexes will include 13 one-bedroom, 24 two-bedroom and 12 three-bedroom units in six single-story buildings.
ARLINGTON, TEXAS — LMI Capital has arranged a $7.7 million acquisition loan for a 124-unit apartment complex in the Dallas suburb of Arlington. Brandon Brown of LMI worked on behalf of the borrower to obtain a Fannie Mae loan with 80 percent leverage and a 30-year amortization schedule. The first year of the 10-year loan is interest only.