HOUSTON —The United Way of Greater Houston has renewed and expanded its lease at 1300 Bay Area Blvd. in Houston. The charitable organization expanded its footprint from 31,770 square feet to 34,906 square feet. Trey Miller negotiated the lease on behalf of Boxer Property, while Jeff Lindenberger of Avison Young represented the tenant.
Texas
IRVING, TEXAS — Marcus & Millichap has arranged the sale of Embassy Apartments, a 111-unit multi-family property in Irving, Texas. John Barker, vice president of investments, and Alexander Skotarek, associate in Marcus & Millichap’s Fort Worth office, marketed the property on behalf of the seller, an unnamed limited liability company. Barker and Skotarek also represented the buyer, an unnamed private investor. Embassy Apartments is located at 1415 W. Airport Freeway in Irvin and is more than 95 percent occupied. It includes nine, two-story buildings with 83,340 square feet of rentable space. Average unit size is 750 square feet. Amenities include a swimming pool and on-site laundry.
DALLAS — Dougherty Mortgage LLC has arranged a $2 million Fannie Mae loan for the acquisition of Hyacinth Apartments, a 40-unit apartment complex in Dallas. The 10-year loan, amortized over 30 years includes one-year of interest-only payments and was arranged by Dougherty’s Dallas office.
HOUSTON — ARA has arranged the sale of 2411 Washington Ave., a 222-unit apartment complex on the eastern end of Houston’s Washington Corridor. ARA principals David Mitchell, Matt Rotan, David Oelfke and David Wylie arranged the transaction on behalf of the seller, M-M Properties. Adam Allen, managing director of capital markets, arranged financing on behalf of the buyer, AIMS Real Estate, a business unit of Goldman Sachs Asset Management. The complex is located near downtown Houston and Memorial Park. It was 92 percent occupied at the time of sale.
HOUSTON — HFF has closed on Promenade Jersey Village, a 596-unit housing complex in Houston. HFF represented the seller, PCM Steeplechase LLC, an entity of Cypress Real Estate Advisors. SRA Management, an entity of Olympus Property Co., bought the complex for an undisclosed amount. Promenade Jersey Village is located at 11011 Pleasant Colony Drive near the intersection of Highway 290 and Jones Road in northwest Houston. The property is 93 percent leased and includes one-, two-, three- and four-bedroom units and townhomes. Amenities include a swimming pool, hot tub, fitness center, basketball and tennis courts, business center and conference room. The HFF team representing the seller included director Tre Banks, senior managing directors Todd Marix and Todd Stewart and director Chris Curry.
SAN ANTONIO — Marcus & Millichap has arranged the sale of Iron Gate Self Storage, a 44,100-square-foot self storage facility in San Antonio. Brandon Karr, senior associate in Marcus & Millichap’s Fort Worth office, marketed the property on behalf of the seller, an unnamed partnership. The buyer, an unnamed private investor, was also secured by Karr. Iron Gate Self Storage is located at 2410 Southwest Loop 410 in San Antonio. It was built in 1965 and consists of 372 non-climate-controlled units. The property includes an on-site manager’s residence, video surveillance, personalized keypad gated entry, roll-up doors, perimeter fencing, concrete foundations and asphalt driveways.
HEBRON, TEXAS — Marcus & Millichap arranged the sale of Hebron Plaza, a 14,176-square-foot retail center in Hebron. Philip Levy, vice president of investments in Marcus & Millichap’s Fort Worth office, marketed the property on behalf of the seller, a limited liability company. Hebron Plaza is located at 2425 West Parker Road. The multi-tenant retail center is 92 percent occupied. Tenants include Classy Nails Spa, Crosspointe Church and True Spirits Liquor. The building was constructed in 2008 and sits on nearly 1.6 acres.
HOUSTON — Taylor Consulting’s real estate division, Third Avenue Development LLC, has made a bulk real estate purchase in west Texas. The winning bid gives the company the right to buy 64 lots in the region on or near the Cline Shale formation. In total, the lots cover 16 acres. The company plans to redevelop the lots and also expects to keep any mineral rights associated with them.
SAN ANTONIO — Marcus & Millichap has brokered the sale of Hallmark Apartments, a 90-unit multifamily property in San Antonio. Reynold Toepfer, Kent Myers and Joe James of Marcus & Millichap marketed the property on behalf of the seller, an undisclosed limited liability company. The buyer also was a limited liability company. Hallmark Apartments is located at 8425 Ahern Drive in San Antonio next to the North Star Mall. Built in 1972 on 3.9 acres, the apartments feature amenities such as fully equipped kitchens, a central swimming pool and three on-site laundry rooms.
TYLER, TEXAS — Olympus Property has closed on buying The Woodlands, a 256-unit apartment complex in Tyler, Texas, 100 miles east of Dallas. It’s the fourth purchase made by WW Olympus Multifamily I, a real estate investment vehicle owned by Olympus. The Woodlands is located at 400 Old Grande Boulevard and has one- and two-bedroom units ranging from 566 square feet to 946 square feet. Amenities include a business center, pool and covered parking. Olympus manages over 8,000 units spanning eight states.