DALLAS — Bell Partners Inc. has acquired Alta West Davis Apartments, a 207-unit multifamily complex in the Bishop Arts district of Dallas. Completed in 2013, the community offers one- and two-bedroom layouts plus amenities such as a resort-style pool, fitness center and resident lounge. Apartments feature stainless steel appliances, natural wood cabinetry, walk-in closets, washers and dryers. New ownership will manage and rebrand the property, which was 90 percent leased at the time of the sale, as Bell Bishop Arts.
Texas
DALLAS — Marcus & Millichap has brokered the sale of Sienna Palms, a 152-unit multifamily property in Dallas, for $3.7 million. Constructed in 1980, the 14-building, garden-style community offers one- and two-bedroom floor plans averaging 840 square feet. Al Silva of Marcus & Millichap represented the seller, Cash Investments of El Paso, in the transaction. The purchaser, a Texas investment group also secured by Silva, plans improvements for the complex.
TERRELL, TEXAS — The firm of Henry S. Miller has brokered the sale of a 59,800-square-foot industrial building in Terrell, approximately 30 miles east of Dallas. The property, located at 100 FM 148, offers easy access to U.S. Highway 80. Preferred Powder Coatings, a provider of powder coating and paint services for industrial and military clients, purchased the facility and will occupy its entirety. Scott Axelrod of Henry S. Miller represented the buyer in the transaction. Terrell Economic Development Corp. sold the asset.
AUSTIN, TEXAS — A joint venture between MedProperties Holdings LLC and The LaSalle Group will break ground this month on Autumn Leaves of North Austin, a 46-bed memory care residence in Austin. The 27,000-square-foot property, located in close proximity to State Highway 183, is slated for completion within 12 months. Texas Gulf Bank provided construction financing for the project, and The LaSalle Group will operate the facility upon opening.
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.
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.