SAN ANTONIO — Berkadia Commercial Mortgage LLC has arranged an $11.7 million loan for the acquisition of the Retreat at Hart Ranch, a 280-unit apartment property in San Antonio. Previously known as De Zavala Park, the single-building community is located on 12 acres at 6061 De Zavala Road. The property offers one- and two-bedroom units, as well as a fitness center, pool and courtyard, and was 95 percent occupied at the time of the sale. Andy Hill of Berkadia secured the seven-year, floating-rate loan on behalf of borrower Allen Harrison Co. LLC through Freddie Mac.
Texas
DALLAS — Johnson Capital has arranged a $5.4 million loan for the acquisition of Eban Village I & II, a 330-unit multifamily community in Dallas. Located on 15 acres along Grand Avenue near Malcolm X Boulevard, the complex offers affordable housing to low- to middle-income families and individuals in the Fair Park neighborhood. The property includes 19 garden-style buildings as well as separate laundry facilities, a leasing office and a community center used for day care. Jason Pumpelly of Johnson secured the loan for non-profit borrower Hope Housing Foundation through a regional bank.
SAN ANTONIO — HREC Investment Advisors has brokered the sale of Hawthorn Suites North East, a 12-suite, extended-stay hotel in San Antonio. The property is located off Highway 1604, in proximity to Randolph Air Force Base and San Antonio International Airport, as well as attractions such as SeaWorld San Antonio, Six Flags Fiesta Texas and HemisFair Park. Hank Wolpert and Geoff Davis of HREC marketed the property on behalf of the seller, Live Oak Lodging LP. Jacobs East Loop LLC, an affiliate of Jacobs Real Estate Advisors, purchased the property via the Auction.com platform.
DALLAS — HFF has brokered the sale of Preston Center Pavilion and Square, a 230,842-square-foot shopping center in the Park Cities neighborhood of Dallas. The property, which was redeveloped in 2000, is in proximity to the interchange of Northwest Highway, Preston Road and the Dallas North Tollway. Tenants include DSW Shoe Warehouse, Marshalls, Gold's Gym, CVS Pharmacy, Office Depot and Chipotle. The HFF team of Barry Brown, Jim Batjer, Doug Hazelbaker and Ryan Shore represented the seller, US Commercial LLC, and also procured the buyer, a real estate fund advised by Crow Holdings Capital Partners LLC. The transaction involved the assumption of the existing CMBS mortgage.
HOUSTON — The Morgan Group Inc. will break ground in the first quarter of 2014 on Pearl Woodlake, a 376-unit multifamily community in Houston's Westchase District. The complex will offer studio and one- to three-bedroom floor plans ranging from approximately 600 to 1700 square feet, as well as amenities including a swimming pool, outdoor kitchen, dog park, club room and fitness center. To be located at 2033 S. Gessner Road, the property is scheduled to open in the summer of 2015. Regions Bank is providing construction financing for the project.
RICHARDSON, TEXAS — Developer The Henry S. Miller Equity Partners, along with Humphrey & Partners Architects, has opened the new Parkside Towns multifamily property in the Dallas/Fort Worth suburb of Richardson. The townhome community offers two- and three-bedroom units with garages, patios, plank flooring and granite countertops, as well as amenities including a lounge, fitness center and swimming pool. Located at the northeast corner of the intersection of Campbell and Colt roads, the property offers proximity to the Richardson Telecom Corridor. Leasing and move-in is underway.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of two self storage facilities totaling 48,912 square feet of rentable space in Fort Worth. The two properties are A-Thrifti Self Storage, which is located at 2115 8th Ave. and totals 19,082 square feet and 222 units; and A-1 Self Storage, which is located at 2620 W. Pafford St. and totals 29,830 square feet and 260 units. Both facilities feature new roofs installed in 2011, video surveillance, alarm monitoring, garage-style roll-up doors, perimeter fencing and lighting and concrete foundations. Brandon Karr of Marcus & Millichap marketed the properties on behalf of the seller, a private investor. Karr also secured the buyer within one day of the properties being placed on the market.
HOUSTON — Berkeley Point Capital has arranged $63 million in acquisition financing for three multifamily communities in the Houston metro area. Irvine, Calif.-based Steadfast Income REIT purchased the properties, which include Carrington Place, Carrington at Champion Forest and Carrington Park at Huffmeister. Each of the 10-year, adjustable rate loans was secured through the Fannie Mae DUS program. Charlie Haggard and Kevin Mignogna of Berkeley Point originated the loans.
THE WOODLANDS, TEXAS — ExxonMobil Corp. has leased 478,000 square feet of office space at Hughes Landing, the mixed-use development of The Howard Hughes Corporation and The Woodlands Development Company. The lease includes one entire 300,000-square-foot Class A building and a portion of another. The property features an adjacent 13-story, 800,000-square-foot parking garage. Houston-based Kirksey Architects designed the buildings to achieve LEED certification, and Harvey Builders is serving as general contractor. Developers expect ExxonMobil to occupy the space by summer 2016.
HOUSTON — Coldwell Banker Commercial United Realtors (CBCUR) has brokered the sale of Emerald Plaza, a 20,165-square-foot retail property in Houston. Located at 11509 Veterans Memorial Parkway, the community center was constructed in 2002. Mark McGinley of CBCUR represented the undisclosed seller in the transaction. James Lee of Gulf South Investment LLC represented the buyer, Whole Win LLC.