HOUSTON — Hunington Residential will construct a 352-unit community on an eight-acre site in Wolff Cos.’ Ten Oaks, an 82-acre mixed-use development in Houston’s Energy Corridor. The project will break ground during the third quarter of 2014 and deliver the first units by the summer of 2015. David Hightower, executive vice president of Wolff Cos., says, “The current office space construction in The Corridor translates into more than 25,000 new employees, which creates demand for approximately 5,000 new apartment units. Studies show that new entrants in the job market increasingly look for a residence that is within walking distance or a very short commute of their job. The Hunington Ten Oaks project’s proximity to the Medical Center West Campus, and large employers in Park Ten as well as other major employers in The Corridor, certainly meets that requirement.”
Texas
AUSTIN, TEXAS — Woodland Property Group has brokered the sale of a shovel-ready 6.3-acre tract of land with entitlements for a 168-unit garden-style apartment community. Located at 6500 Manchaca Road in the city's' South-Central submarket, the development will consist of seven three-story buildings and a two-story clubhouse. Blair Helgren with Woodland Property Group represented the seller, Whiddon Development Inc., and Brandon Miller with The Brandon Miller Group represented the buyer.
HOUSTON — Moody Rambin has represented Greystar in its acquisition of Skyline Apartments, located at 2222 White Oak Drive in Houston. Greystar will oversee the demolition of the property to make way for its new Class A community, known as Elan Heights. Christopher Dray of Moody Rambin represented Greystar in the acquisition. Juan Cuevas of Marcus & Millichap represented the seller, 2222 White Oak LLC. Additionally, Greystar worked with Woodland Heights Civic Association to develop a property that complements Woodland Heights, a historic neighborhood in Houston.
ROSENBERG, TEXAS — Marcus & Millichap has brokered the $3.8 million sale of Fort Bend Healthcare Center, a 56-bed skilled nursing facility at 3010 Bamore Road in Rosenberg. Doug O’Toole and Rod Llanos of Marcus & Millichap’s Houston office represented the seller, a limited liability company, in the transaction. O’Toole and Llanos also secured the buyer, another limited liability company.
DALLAS — Virtus Real Estate Capital, an Austin-based private equity firm, has acquired two Class B apartment communities in Dallas totaling 748 units. Virtus made the purchase in a joint venture agreement with a local partner and private management company. The properties, known as Bayou Bend and Pecan Square, are within walking distance of each other. Virtus will spend roughly $2.2 million to upgrade the two communities.
OAK RIDGE NORTH, TEXAS — The city of Oak Ridge North and the Oak Ridge North Economic Development Corp. have entered into an agreement to bring an iFLY Indoor Skydiving facility to The Shoppes at Oak Ridge North. The new $3.5 million, 5,600-square-foot facility will open in January 2015 at the shopping center, located at the intersection of I-45 North and Robinson Road in Oak Ridge North. UCR Realty represented the owner, Houston-based Grocers Supply Co., in the lease transaction.
Is the Dallas/Fort Worth multifamily market headed back to the same level of intensity we experienced from 2005 to 2007? Most of the signs suggest that we are on track to not only meet this same amount of demand, but also outperform the market of the mid-2000s. So what are the drivers that are leading this investor demand? First, as a whole (not only Dallas/Fort Worth), Texas is flourishing right now. The state leads the nation in job growth, gaining nearly 300,000 new jobs in 2013, with one-third of those being considered high-paying jobs. Second, Texas leads the nation in population growth. These new residents benefit from the affordability of Texas versus that of other states. Here, we enjoy no income taxes and a lower price of living. In turn, this provides a better quality of life. Performance Needless to say, such growth and business-friendly conditions have a large impact on the multifamily sector of commercial real estate. Occupancies are the highest they’ve been in more than a decade. The current overall vacancy of 5.4 percent is a full 100 basis points below the level we saw 12 months ago, and effective rents have increased by 3.3 percent in the …
DALLAS — JLL has brokered the sale of Crestview Office Tower, a 12-story, 262,962-square-foot office tower in the Las Colinas submarket of Dallas. The property is located near the DFW International Airport and the Las Colinas Urban Center. CapRidge Partners Fund I purchased the asset from Codina Partners for an undisclosed price. Evan Stone, Jack Crews and Lauren Zimmer of JLL represented Codina Partners in the transaction. Additionally, Jason Piering and Adam Mengacci of JLL arranged a bridge loan for the acquisition.
SAN ANTONIO — CBRE has brokered the sale of University Park Tech Center III and IV, two office buildings totaling 165,007 square feet in San Antonio. The properties are located at 5959 Northwest Parkway and 5800 Farinon Drive. CLPF-IPC III-IV LLC purchased the office assets from BP Westchase LLC for an undisclosed price. Todd Mills, Carrie Caesar and Hunter Mills of CBRE represented the seller in the transaction.
COLLEYVILLE, TEXAS — Whole Foods Market will open a new 40,000-square-foot store at the Colleyville Downs Center in Colleyville on Tuesday, July 8. The property is located at 4801 Colleyville Blvd. at the southeast quadrant of Glade Road and Highway 26. “We are so proud to open a store in Colleyville,” says Dennis Berryman, team leader of the new Whole Foods store. “We love being able to partner with neighbors who share our passion for good food and strong community.”