EULESS, TEXAS — Multifamily developer The NRP Group has purchased a 10-acre parcel in the Metroplex suburb of Euless for the construction of a new 300-unit apartment complex. The land, situated at the northwest corner of State Highway 183 and State Highway 360, is located within the Bear Creek Riverwalk mixed-use development. The seller, Stratford Land, originally acquired the parcel in 2011. The NRP Group will break ground on its multifamily project this summer. Andrew Prine of Stratford Group LLC brokered the transaction.
Texas
THE WOODLANDS, TEXAS — Marcus & Millichap has brokered the sale of Marcel Crossing II, a 27,128-square-foot shopping center in The Woodlands. Located at 8000 McBeth Way, the property houses tenants including Vedas Med Spa, Boni’s Dance Studio, Kumon and The Breakfast Place. Derek Hargrove and Justin Miller of Marcus & Millichap marketed the asset on behalf of the seller, locally based developer Marcel Group. Hargrove and Miller also secured the buyer, an out-of-state limited liability company.
WYLIE, TEXAS — Bright Realty has brokered the sale of Harvest Plaza, a 20,050-square-foot retail property in the far northeast Dallas suburb of Wylie. The asset is situated on more than three acres at 2014 State Highway 78. Tim McNutt and Britton Lankford of Bright Realty represented the unnamed seller in the transaction, while the buyer, DuWest Realty, was internally represented by Will Walters.
HOUSTON — A joint venture between Presidium Group LLC and Nessel Development has acquired Live Oak Bend Apartments, a 252-unit multifamily property in north Houston. Located at 1351 Greens Parkway, the garden-style complex is in proximity to I-45, Beltway 8 and the George Bush Intercontinental Airport. The community offers one- and two-bedroom residences, as well as a swimming pool, basketball court, fitness center and business center. Presidium plans to rebrand the property and upgrade both unit interiors and building exteriors.
AUSTIN, TEXAS — Student housing developer Aspen Heights will break ground this summer on its first conventional multifamily property, a 196-unit high-rise in Austin. The 22-story building, which will be named Aspen Heights after the developer itself, will feature a rooftop pool, fitness center and dog park. Located at the northeast corner of West 8th and Nueces streets, the project is slated for completion by the first quarter of 2016. Locally based Rhode Partners designed the property, and Kansas City, Mo.-based J.E. Dunn Construction Group Inc. will serve as general contractor.
THE WOODLANDS, TEXAS — Marcus & Millichap has brokered the sale of 3000 Research Forest, a 28,487-square-foot mixed-use building in The Woodlands. Situated on 2.7 acres just west of the Hughes Landing development, the property houses retail, office and healthcare tenants including Starbucks, Liberty Mutual, Texas American Title, Abundant Life Chiropractic and Preferred Bank. Justin Miller and Derek Hargrove of Marcus & Millichap marketed the property on behalf of the seller, the Marcel Group, which is a developer based in The Woodlands. Miller and Hargrove also secured the buyer, a private investor.
NORTH RICHLAND HILLS, TEXAS — Realty Capital Management LLC has sold a 16,514-square-foot retail property in the Fort Worth suburb of North Richland Hills. Located at 9101 Boulevard 26, within Realty Capital Management’s The Venue at Hometown mixed-use development, the strip shopping center houses tenants including Roots Coffeehouse, Mama’s Pizza, Chapps Hamburger Café, Venue Spa & Nails and the U.S. Armed Forces Career Center. Realty Capital Management was internally represented by Mark Boone in the transaction. Carey Cox Co. represented the buyer, a local investor.
AUSTIN, TEXAS — Full-service real estate firm DivcoWest has acquired The Avallon, a 318,000-square-foot office complex in Austin. The five-building, Class A development was 88 percent leased to 19 different tenants, most of which were technology companies, at the time of the sale. Highbrook Investment Management sold the asset. DivcoWest, which now holds an Austin portfolio totaling more than 1 million square feet, plans to rebrand the property and upgrade the indoor common areas of the buildings.
HOUSTON — Q10 | Kinghorn, Driver, Hough & Co. (Q10 | KDH) has arranged a $17.7 million loan for the construction of Apache Industrial Services’ new Houston facilities. The complex will consist of several structures totaling more than 300,000 square feet on a 123-acre site. The project, the first phase of which commenced this quarter, will include the construction of a training center, administrative offices and multiple production buildings. Portions of the complex are slated for completion as early as this summer. Matt Franke and Larry Peters of Q10 | KDH originated the loan on behalf of the borrower through the Mutual Bank of Omaha.
STAFFORD, TEXAS — Marcus & Millichap has brokered the sale of a 30,000-square-foot industrial property in the southwest Houston suburb of Stafford. Located at 12910 and 12914 Mula Lane, the two-building facility is in proximity to the interchange of the Sam Houston Tollway and I-69. Gus Lagos and Nik Kapetanakis of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company.