HOUSTON — Developer Caddis Partners LLC has broken ground on two new seniors housing projects in the Houston metro area, both of which will be marketed under the company’s Heartis brand. Heartis Cypress and Heartis Clear Lake will each comprise 78 units, including 54 assisted living units and 24 memory care units in either facility. Both properties will feature interior courtyards, chef-prepared meals, housekeeping and laundry services. Caddis Partners will own the facilities, while Eugene, Ore.-based Good Neighbor Care will manage operations. For both projects, Austin-based KATUS is providing architectural services, and the Dallas office of MAPP Construction is serving as general contractor.
Texas
SPRING, TEXAS — Woodbine Development Corp. and InterMountain Management (IMM) have purchased more than three acres in the Houston suburb of Spring for the construction of a new 128-room Residence Inn. The extended-stay, select-service hotel will be within the Springwoods Village mixed-use community, an 1,800-acre, $10 billion development designed for sustainability. The property, set to open in the summer of 2015, will be located in proximity to I-45, as well as the future ExxonMobil campus in The Woodlands and the headquarters of Southwestern Energy. Other members of the Residence Inn project team include GH2 Hospitality Architects, Walter P. Moore Engineers and Precision Engineering, all based in Tulsa, Okla.; and DCI Engineers, which is based in Austin.
GEORGETOWN, TEXAS — Marcus & Millichap has brokered the sale of Georgetown’s Best Self Storage, a 56,650-square-foot self storage facility in the far north Austin suburb of Georgetown. Located at 3009 Dawn Drive, the property offers 451 rentable units and is in close proximity to I-35 and the Georgetown Municipal Airport. Nicholas Ling and Jon Danklefs of Marcus & Millichap marketed the asset on behalf of the seller, a partnership, and also secured the buyer, a limited liability company.
MABANK, TEXAS — Bellomy & Co. has brokered the sale of Advantage Store-N-Lock, a 26,671-square-foot self storage facility in the city of Mabank, approximately 60 miles southeast of Dallas. Located at 10501 State Highway 198, the 262-unit facility was 94 percent leased at the time of the sale. Bill Bellomy, Michael Johnson and John Owens marketed the property on behalf of the seller, Blue Moon LLC of Trabuco, Calif. Bellomy, Johnson and Owens also procured the buyer, Corsicana Storage Group LLC, which is based in The Woodlands.
HOUSTON — Marcus & Millichap has brokered the sale of Mediterra at Westchase Apartments, a 312-unit multifamily property in Houston’s Westchase submarket. Located at 3131 Hayes Place, the complex is in proximity to the Sam Houston Tollway, U.S. Highway 6, Loop 610 and I-10, among other major thoroughfares. Constructed in 1980, the garden-style community offers efficiency and one- to three-bedroom residences averaging 803 square feet, as well as shared amenities such as a swimming pool, fitness center, business center and two laundry facilities. Jeffrey Fript and Kyle Bruchmiller of Marcus & Millichap represented the seller, a Texas-based investment firm, in the transaction. Fript also advised the buyer, an institutional investor from California.
PASADENA, TEXAS — Cushman & Wakefield has arranged a 185,000-square-foot flex space lease in the northern Houston suburb of Pasadena for Sunbelt Supply Co., a provider of valves and valve automation systems serving the petrochemical, refinery, power, wastewater and mining industries. The tenant, a subsidiary of Shale-Inland Holdings LLC, will occupy the building located at 3750 Highway 225 within the three-building Carson Commerce Center development. The structure includes 24,000 square feet of office space, a 15,000-square-foot automation facility and warehouse space with 30-foot clear heights. James Foreman, Stephen Schneidau and Beau Kaleel of Cushman & Wakefield represented Sunbelt Supply in the negotiations, while property owner The Carson Companies was represented in-house by Dan Zoch.
TOMBALL, TEXAS — A joint venture between CAF Capital Partners and The Rainier Companies has acquired Oaks at Northpointe, a 246-unit multifamily property in the Houston suburb of Tomball. Completed last year, the garden-style, Class A complex includes 235,400 rentable square feet, as well as amenities such as a swimming pool and spa, game room, fitness center, dog park and internet café. Residences feature granite countertops, stainless steel appliances and wood flooring. The acquisition marks the third venture between CAF and Rainier.
SAN ANTONIO — Robert Faust Mortgage Co. has arranged a $6.6 million refinancing loan for Rigsby Shopping Center, a 64,200-square-foot retail property in San Antonio. Constructed in 2002, the center is located on more than five acres at 2000 Loop 410, in close proximity to Super Walmart. Tenants of the property include IHOP, Dollar Tree, Sally Beauty and Rue 21. Robert Faust of Robert Faust Mortgage Co. arranged the loan within two weeks on behalf of the property owner, Rigsby Road Shopping Center LP, through a private money lender.
COPPELL, TEXAS — ML Realty Partners LLC has purchased Park West Crossing, a 98-acre parcel in the Dallas suburb of Coppell, and plans to build a 307,500-square-foot industrial complex on the site. The four-building development will include structures suitable for single- or multi-tenant use, ranging in size from 40,600 square feet to 142,500 square feet. The tract is located just north of DFW International Airport and is bordered by Freeport Parkway to the west, Southwestern Boulevard to the north and South Belt Line Road to the east.
HOUSTON — NorthMarq Capital has arranged $8.2 million in supplemental financing for two multifamily properties in Houston totaling 650 units. The assets include Retreat at Steeplechase, which is located at 11245 West Road and offers one- to three-bedroom apartments; and Retreat at Steeplecrest, which is located at 11220 West Road and offers one- and two-bedroom apartments. Greg Duvall of NorthMarq worked on behalf of the unnamed borrower to secure the financing through AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS lender. The supplemental loans were placed in conjunction with the buyer’s assumption of the existing first mortgage debt.