TULSA, OKLA. — The RADCO Companies has acquired The Overlook Apartments, a 284-unit multifamily community in Tulsa, from an undisclosed seller for $12.8 million. The property, which will be renamed Ashford Overlook, offers one- to three-bedroom options as well as amenities such as a fitness center and swimming pool. Located at 6339 S. 33rd West Ave., the complex is in proximity to a 1 million-square-foot retail development anchored by Lowe’s, Target and Sam’s Club. Atlanta-based RADCO plans $2.8 million of capital improvements to the asset, including interior, exterior and landscaping upgrades.
Texas
DALLAS — Newmark Grubb Knight Frank (NGKF) Hotels has brokered the sale of a 130-suite Hilton Homewood Suites in downtown Dallas. Transformed from an office building, the 10-story property includes amenities not typically found in hotels such as a half basketball court, golf simulator room, video game room and billiard room. The hotel, which is located on the northeast corner of North Griffin and Elm streets, also features eight meeting rooms totaling 4,412 square feet, an exercise room, indoor swimming pool and parking garage. Access to the Dallas Area Rapid Transit light rail line, city bus route and Woodall Rodgers Freeway provide accessibility for the asset. Rick Besse, Bhavesh Patel and Sam Winterbottom of NGKF represented the seller, Lowen 1025 Elm LP, in the transaction.
ARLINGTON, TEXAS — A joint venture between 2GR Equity and Dominus Commercial has acquired an 82,000-square-foot office building in Arlington. New ownership plans approximately $700,000 in capital improvements to the five-story property, which is located on Pioneer Parkway about three miles south of AT&T Cowboys Stadium. Dallas-based Dominus will provide leasing and management services for the asset.
HOUSTON — Finial Group has brokered the sale of a 65,000-square-foot industrial building in Houston. Located at 8363 Market Street, the tilt-wall facility is in proximity to the interchange of East Freeway and Interstate 610. Piping manufacturer Sunbelt Supply Co. occupies the property. Reed Vestal and Ross Thomas of Finial represented the buyer, Golfcrest Investments LLC. Beau Kaleel and Jim Foreman of Cushman & Wakefield represented the undisclosed seller.
THE WOODLANDS, TEXAS — CBRE has arranged a $38 million take-out loan for The Village at The Woodlands Waterway, a 207-unit seniors housing property in The Woodlands. This long-term financing replaces the original construction loan for the project. A joint venture between Houston-based Bridgewood Property Co. and Chicago-based Harrison Real Estate Capital, the Class A facility offers independent living, assisted living and memory care options plus amenities such as a library, convenience store, barber shop, fitness center and indoor pool. The five-year, floating-rate mortgage includes an all-in interest rate of 2.35 percent and 36 months of interest-only payments. Aron Will of CBRE arranged the refinancing.
AUSTIN, TEXAS — Marcus & Millichap has brokered the sale of The Jefferson, a 97,552-square-foot office building in Austin. The property is occupied by healthcare and other professional tenants including Seton Healthcare, which leases 24 percent of the facility, and Austin Radiological Association, which leases 14 percent of the facility. Located at 1600 W. 38th St., the building is in proximity to three area hospitals, including Seton Medical Center, Seton Shoal Creek Hospital and Heart Hospital. John Smelter of Marcus & Millichap represented the seller, Velocis Jefferson LP. Healthcare Realty Trust Inc. purchased the asset at a cap rate of approximately 7 percent.
TULSA, OKLA. — Beech Street Capital has provided a $5.9 million refinancing loan for South Slope, a 96-unit multifamily community in Tulsa. Located at 6320 E. 72nd St., the complex offers one- to three-bedroom units in flat and townhouse styles plus amenities such as a swimming pool and fitness center. The seven-year, fixed-rate Freddie Mac CME mortgage includes 6.5 years of defeasance and a 30-year amortization schedule. Doug Taylor of Beech Street originated the refinancing, and David Yancey of Crown Capital arranged the loan on behalf of the undisclosed borrower.
SAN ANTONIO — USAA Real Estate Co. and development partner Patrinely Group LLC have broken ground on WestRidge One at La Cantera, a 128,000-square-foot office building in northwest San Antonio. The Class A facility, designed for LEED Silver certification, is slated for completion in the fourth quarter of this year. Crimson Services LLC will oversee leasing and property management at the property, while Travis Commercial Real Estate serves as local listing broker. USAA Real Estate Co. is the master developer of the larger La Cantera complex, which includes a 500-room resort, The Shops at La Cantera retail facility and a planned multifamily property, The Residences at La Cantera.
FARMERS BRANCH, TEXAS — Boxer Property has acquired The Centre, an 817,000-square-foot office complex in the northern Dallas suburb of Farmers Branch. Comprised of 11 buildings, the property is located at the corner of Alpha and Midway roads, in close proximity to the Lyndon B. Johnson Freeway. The campus includes a lake and fitness center and is within walking distance of an upscale hotel. Houston-based Boxer plans to redevelop portions of the complex by incorporating its open Workstyle office designs.
HOUSTON — LMI Capital has arranged $86.1 million in financing across eight multifamily properties in Houston on behalf of AM Houston, a joint venture between Ascension Commercial Real Estate and Moriah Partners. The loans will provide for the refinancing of seven previously owned properties and the acquisition of one property, together totaling more than 2,300 units. Originally purchased by AM Houston in 2011, the newly refinanced properties have an average occupancy of 93 percent, up from 70 percent at the time of purchase. The acquisition loan, which accounts for $18.5 million of the financing, includes five years of interest-only payments.