HOUSTON — LMI Capital has arranged a $6.2 million loan for the acquisition of Chancellor Apartments, a 224-unit multifamily complex in Houston. Located at 311 Parramatta Lane, the Class B property is in proximity to the 385-acre site of the future ExxonMobil campus. The community offers one- and two-bedroom floor plans, as well as communal amenities including two swimming pools. Brandon Brown worked on behalf of the Florida-based borrower to arrange the non-recourse, 10-year CMBS loan, which includes three years of interest-only payments and a 30-year amortization schedule.
Texas
PFLUGERVILLE, TEXAS — Q10 | Kinghorn, Driver, Hough & Co. (Q10 | KDH) has arranged a $19 million construction take-out loan for Oaks at Techridge, a 336-unit multifamily property in the northern Austin suburb of Pflugerville. Located at 14000 The Lakes Blvd., the Class A, garden-style community offers one- and two-bedroom apartments, as well as a swimming pool, fitness center and business center. Matt Franke of Q10 | KDH worked on behalf of the borrower, the U.S. affiliate of a diversified construction and development company, to secure the long-term, fixed-rate loan through Quadrant Real Estate Advisors.
AUSTIN, TEXAS — Avesta Communities has acquired Anderson Springs Apartment Complex, a 325-unit multifamily property in Austin. The community, which will be rebranded as Avesta Agave Falls, offers one- and two-bedroom apartments in flat and townhome styles, as well as two swimming pools, a fitness center and playground. Constructed in 1974, the asset is located along U.S. Highway 183, in proximity to the Walnut Creek business park. Avesta Communities is based in Tampa, Fla.
NORTH RICHLAND HILLS, TEXAS — Marcus & Millichap has brokered the sale of the 87-room Best Western Northeast Mall Inn & Suites in the Fort Worth suburb of North Richland Hills. Located at 8709 Airport Freeway, the select-service hotel includes a fitness center, outdoor swimming pool and business center. Chris Gomes, Skyler Cooper and Allan Miller of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Gomes also procured the buyer, a private investor.
NEW BRAUNFELS, TEXAS — CBRE has brokered the sale of an 18,855-square-foot healthcare facility in New Braunfels. The property, known as Christus Santa Rosa Physicians’ Ambulatory Surgical Center, is located at 1738 E. Common St., equidistant from Christus Santa Rosa Hospital and the new Resolute Health Hospital, slated to open later this year. A partnership between Christus Santa Rosa and multiple physicians fully occupies the building. Scott Herbold of CBRE represented the unnamed sellers in the transaction. Austin-based Long View Equity Partners purchased the asset.
HOUSTON — CBRE has arranged the construction financing for Airtex Distribution Center, a 225,360-square-foot warehouse to be located at 300 W. Airtex Blvd. in Houston. International Airport Centers (IAC), an owner, manager and developer of warehouse and distribution facilities, is the developer on the project and broke ground earlier this month. The Class A property will feature 32-foot clear heights, trailer parking, T-5 lighting and ESFR sprinklers. Powers Brown Architecture designed the facility, and Satterfield & Pontikes is providing construction services. Tom Lynch and John Fenoglio of CBRE arranged the financing. Ed Frantz and Faron Wiley, also of CBRE, will lease the property.
DALLAS — Marcus & Millichap has brokered the sale of Plantation Royal Apartments, a 172-unit multifamily property in Dallas. The community offers one- to three-bedroom residences ranging from 664 to 1,080 square feet, as well as an on-site management office, 24-hour emergency maintenance and laundry facilities. Located at 2825 Royal Lane, the property is in close proximity to the interchange of I-35 and I-635. John Barker of Marcus & Millichap represented the seller and procured the buyer in the transaction.
AUSTIN, TEXAS — ARA has brokered the sale of The Arbor at Tallwood, a 120-unit multifamily property in Austin. Constructed in 1972, the garden-style complex includes one- to three-bedroom apartments, plus a swimming pool and dog park. Located at 8810 Tallwood Drive, the community is in proximity to retail centers such as Lakeline Mall and The Domain, as well as area employers such as IBM, Dell, Visa, St. David’s Hospital and the University of Texas. The Arbor at Tallwood was 96 percent occupied at the time of the sale. Matt Pohl and Andrew Shih of ARA represented the seller, San Francisco-based Virtu Investments, in the transaction. Redwood Capital Group, based in Chicago, purchased the asset.
CARROLLTON, TEXAS — Billingsley Co. has leased 34,482 square feet of warehouse space in the Dallas suburb of Carrollton to Professional Plastics. The tenant will occupy space at 2060 Luna Road Suite 120, within Billingsley’s Luna Road Distribution Center. Mike Gravitt of Mike Gravitt & Co. represented Professional Plastics, which will move into the facility in the third quarter of this year.
SAN ANTONIO — CBRE has brokered the sale of Westover Marketplace Shopping Center, a 242,664-square-foot retail property in San Antonio. The Class A power center is located at the intersection of Loop 410 and Highway 151, in proximity to Lackland Air Force Base, Sea World, Hyatt Hill Country Resort and Northwest Vista College. The asset was 93.4 percent leased at the time of the sale to tenants including Gander Mountain, Ross Dress for Less, PetSmart, Office Depot and Melrose. Chris Cozby, Chris Gerard and Kevin Holland of CBRE represented the seller, New York-based Coventry Real Estate Advisors. Inland American purchased the property.