DALLAS — Quadrant Investment Properties LLC has acquired Preston Trail Atrium, a 122,000-square-foot office building in North Dallas. The new ownership plans an extensive lobby renovation and the addition of several amenities for the facility, which is located at 17330 Preston Road, in close proximity to the interchange of the Bush Turnpike and Dallas North Tollway. Jeremy Duggins and Addie Ludwig of Cawley Partners will continue to lease the property. Dallas-based Quadrant has now purchased three Dallas-area assets in the past 12 months.
Texas
AUSTIN, TEXAS — Real estate investment platform Arc Capital Partners, in partnership with Cardinal Group Investments (CGI), has acquired The Establishment, a 139-unit apartment complex in the South Congress submarket of Austin. Located at 3501 S. 1st St., the asset features one- and two-bedroom floor plans plus amenities such as a swimming pool, barbecue and picnic area and business center. CGI will rebrand and manage the property as Mint Urban | Establishment under its Mint Urban platform.
SOUTHLAKE, TEXAS — Real estate firm The Woodmont Company, in partnership with an undisclosed publicly traded REIT, has started development of Park Village, a 190,000-square-foot retail center in Southlake, a suburb approximately 25 miles northeast of Fort Worth. The property, which offers spaces ranging from 800 to 12,000 square feet, is more than 50 percent pre-leased. Sporting goods store REI and a specialty grocer will anchor the center, which will be located at the southwest corner of Carroll Avenue and Southlake Boulevard. Stephen Coslik, Peter Jacobsen and Rick Machak of The Woodmont Company are overseeing development, and Herschman Architects designed the project. Completion is slated for the fall of 2014.
FORT WORTH, TEXAS — Architect BOKA Powell and general contractor Manhattan Construction Co. have completed a new 252-unit apartment development at Southwestern Baptist Theological Seminary in Fort Worth. Located in the J. Howard Williams Student Village, the garden-style complex offers one- and two-bedroom layouts as well as granite countertops, stainless steel appliances and laminate wood flooring. The residential area is connected to the main campus by a walkway.
DALLAS — A partnership of Performance Properties LLC has acquired the 416-unit Vista Buena Apartment Homes complex in North Dallas. Located at 13350 Manham Road, the property was 98 percent occupied at the time of sale and offers one-, two- and three-bedroom floor plans ranging from 564 to 1,419 square feet. Vista Buena, originally constructed in the mid to late 1970s, is in close proximity to several large area employers, including Texas Instruments Inc. David McQuiad and Todd White of Performance Properties represented the partnership in the transaction, while Tom Flood of Multifamily Advisory Partners represented the seller, Santa Maria LLC. Steve Heldenfels and De’on Collins of HFF represented the acquisition lender, ViewPoint Bank.
FORT WORTH, TEXAS — General contractor Weis Builders has completed the first phase of The Villas of Hulen Bend, a $12 million affordable independent living community in Fort Worth. The first phase of the HUD-financed property, which is specifically designed for active seniors, consists of 138 units in one- and two-bedroom layouts. Amenities include a pool, putting green, gazebo and community garden with greenhouse, and select units have an attached garage. Trinity Courtyard LP acted as developer on the project, which is located at 6150 Oakmont Trail, and RPGA Design Group Inc. served as architect.
HOUSTON — Johnson Capital has arranged a $7.8 million refinancing loan for Vineyard Trace Apartments, a 238-unit multifamily complex in Houston. The two-building property, located at 15414 Kuykendahl Road, was built in 1979 and features a separate laundry facility and swimming pool. The FHA Section 223(a)(7) non-recourse loan includes an interest rate in the high-3 percent range and a 35-year amortization schedule. Scott Graber of Johnson Capital arranged the terms of the loan on behalf of sponsor HM Equity, which has owned and operated the asset through a special purpose entity since 2008.
LANCASTER, TEXAS — Marcus & Millichap has brokered the sale of The Meadows, a 120-unit multifamily property in the southern Dallas suburb of Lancaster. Originally constructed in 1981, the single-building property is located at 1500 N. Bluegrove Road and was 95 percent occupied at the time of the sale. Al Silva of Marcus & Millichap marketed the property on behalf of the seller, CJ Meadows Properties LLC. Silva also secured the buyer, an out-of-state partnership, for which Marcus & Millichap Capital Corp. arranged a seven-year Fannie Mae acquisition loan.
GRAND PRAIRIE, TEXAS — Lee & Associates has brokered the sale of a 20,150-square-foot industrial building in the Dallas/Fort Worth suburb of Grand Prairie. The facility is located at 1610 111th St., approximately 15 miles west of downtown Dallas. Mark Graybill of Lee & Associates represented the buyer, Trident Commercial Partners. The seller, Grand Prairie Ventures, was represented internally by Sarah Hart.
DALLAS — Hudson Peters Commercial has brokered the sale of an 18,160-square-foot industrial building in Dallas. The facility, located at 12500 Schroeder Road, features two dock-high doors and two grade-level doors, as well as proximity to Interstate 635 and State Highway 75. Scott Jackson of Hudson Peters represented the buyer, G G Squared LLC, in the transaction. Stephen Cooper and Chad Albert of NAI Robert Lynn represented the seller.