LEWISVILLE, TEXAS — Developer Huffines Communities has completed the 444-unit second multifamily phase of Hebron 121 Station, a master-planned community in the Dallas/Fort Worth suburb of Lewisville. This phase includes one- and two-bedroom apartments, as well as a clubhouse with fitness center and media room, swimming pool, 86-foot-wide grotto waterfall and eight cabanas. The first phase of Hebron 121 Station is fully occupied, and construction on the second phase began in January 2013. The master-planned community now includes 678 total multifamily units. Additional residences, as well as office and retail space, are planned. The project team includes architect Humphreys & Partners, general contractor CF Jordan Construction and manager Pinnacle Property Management.
Texas
BEDFORD, TEXAS — ARA has brokered the sale of Cottages at Bedford, a 168-unit multifamily property in the Dallas/Fort worth suburb of Bedford. Completed in 1983 and renovated in 2007, the Class B complex includes one- and two-bedroom apartments, as well as a swimming pool with lounging deck, clubhouse, business center and barbecue and picnic areas. The community, which was 94.6 percent occupied at the time of the sale, is located at 2000 Park Place Blvd., in proximity to I-360, State Highway 183, Loop 820, DFW International Airport and local employers such as Bell Helicopter and Texas Health Harris Methodist Hospital. Brian O’Boyle Sr., Brian O’Boyle Jr., Brian Murphy and Jakob Andersen of ARA marketed the asset on behalf of the seller, Australian fund manager Equiti Capital Limited. Locally based Busboom Group was the buyer. Cottages at Bedford is the company’s second Dallas-area multifamily acquisition in the past six months.
SAN ANTONIO — Dougherty Mortgage LLC has arranged a $12 million loan for the refinancing of Townhomes at West Creek, a 220-unit multifamily complex in San Antonio. Located at 1297 W. Loop 1604 N., the property includes two- to four-bedroom residences, plus a swimming pool, fitness facility and playground. Dougherty Mortgage’s Dallas office originated the 10-year loan for Westcreek Townhomes, Ltd.
PLANO, TEXAS — Lee & Associates has arranged an 18,094-square-foot industrial lease in Plano for Circuit Design Specialties, a manufacturer of circuit board products. The tenant will occupy space within a facility located at 3301 E. Plano Parkway, which features 24-foot clear heights, seven exterior loading docks and one drive-in door. George Tanghongs and Brett Lewis of Lee & Associates represented the landlord, First Guardian Group, in the negotiations. Swearingen Realty Group represented Circuit Design Specialties.
SUGAR LAND, TEXAS — Allied Realty has broken ground on The Retreat at Riverstone, a 249-unit multifamily property in the Houston suburb of Sugar Land. The complex, located at 18545 University Blvd., will offer one- to three-bedroom apartments, as well as a fitness center, cyber café, swimming pool, grill area and two dog parks. The complex, slated to open in the fall, is the first multifamily development in the Riverstone master-planned community. Wallace Garcia is providing design services for the project, and Orion Real Estate Services will manage the property. Capital One arranged the construction financing.
AUSTIN, TEXAS — Marcus & Millichap has brokered the sale of Laurel Woods, a 150-unit multifamily property in Austin. Located at 8312 Fathom Circle, the community includes studio, one- and two-bedroom apartments, as well as picnic areas, a swimming pool, fitness center and dog park. The complex is in proximity to U.S. Route 183. Joe James and Kent Myers of Marcus & Millichap brokered the sale between the seller, a publicly traded real estate investment trust, and the buyer, a Texas-based limited partnership.
SAN ANTONIO — Hilton Worldwide has opened the new 111-suite Home2 Suites by Hilton San Antonio Airport, the second Home2 Suites brand hotel in the San Antonio metro area. The four-story property is in proximity to the San Antonio International Airport, as well as the River Walk, SeaWorld San Antonio, Six Flags Fiesta Texas and the AT&T Center. Located at 94 N.E. Loop 410, the hotel features a fitness center, laundry center, heated outdoor pool, fire pit and complimentary breakfast. Baywood Hotels owns and manages the property. Hilton plans to open five additional Texas locations of the Home2 Suites brand by the end of this year.
GARLAND, TEXAS — Lee & Associates has arranged a 35,405-square-foot industrial lease in the Dallas/Fort Worth suburb of Garland for Digitek Computer Products, a distributor of technology products. The tenant will occupy space at 3901 W. Miller Road, in proximity to I-635. Nathan Denton of Lee & Associates represented Digitek in the negotiations. Stephen Cooper of NAI Robert Lynn represented the landlord, First Industrial Realty Trust.
DENTON, TEXAS — Cadence McShane Construction Co. has completed the renovation and expansion of Golden Triangle Mall in the Dallas/Fort Worth suburb of Denton. The project included upgrades to the 765,000-square-foot property’s flooring, skylights, seating areas, main entryway, parking areas and landscaping, as well as the addition of an outdoor courtyard and 8,009-square-foot food court. Located at the interchange of I-35 and Loop 288, Golden Triangle Mall houses anchors Dillard’s, Macy’s, JC Penney and Sears, as well as more than 70 specialty stores. GTM Development Ltd., a joint venture between Cencor Realty Services and The MGHerring Group, acquired the property in 2011 and hired Cadence McShane for the project. C.M. Architecture P.A. provided architecture services for the renovation, and Brockette/Davis/Drake Inc. served as civil engineer.
RICHARDSON, TEXAS — Wasa Properties has acquired Arapaho Village Shopping Center, a 103,033-square-foot shopping center in the Dallas/Fort Worth suburb of Richardson. Located at 819 W. Arapaho Road, the property is home to anchor Tom Thumb, as well as Tuesday Morning, Hallmark, Papa John’s, The UPS Store, State Farm and H&R Block. CW Capital sold the asset. New York-based Wasa Properties purchased the center through Auction.com.