AUSTIN, TEXAS — Full-service real estate firm ARA has brokered the sale of Wilshire West, a 90-unit apartment community in Austin. Originally constructed in 1963, the garden-style property consists of 12 two-story buildings and offers one- and two-bedroom layouts. Amenities include landscaped courtyards, a swimming pool and two barbecue areas. Located at 4411 Airport Blvd., the complex is in proximity to major area employers Dell’s Children Medical Center, Seton Hospital headquarters and the University of Texas research campus. Andrew Shih and Matt Pohl of ARA represented the seller in the transaction, Santa Barbara, Calif.-based M3 Multifamily. West Hollywood-based Reliance Capital Management purchased the property, which was 95 percent occupied at the time of the sale, as part of a 1031 tax-deferred exchange.
Texas
HARKER HEIGHTS, TEXAS — HFF has arranged the sale of and acquisition financing for Market Heights, a 412,645-square-foot retail power center in Harker Heights, a suburb of Killeen. The property, which was completed in 2007, is anchored by Ross Dress for Less, Dick’s Sporting Goods, Bed Bath & Beyond, Barnes & Noble, Cinemark, Old Navy, ULTA and Petco. Market Heights is shadow-anchored by Target. Located at 201 E. Central Expressway, the asset offers proximity to State Highway 190, as well as the nearby cities of Fort Hood and Temple. HFF both represented the seller, Direct Development, and secured the buyer, Cole Credit Property Trust IV. Kevin MacKenzie and Adam Herrin of HFF led the team that arranged the acquisition financing through Bank of America Merrill Lynch.
AUSTIN, TEXAS — Drawbridge Realty Trust has acquired the 76,910-square-foot Stonecreek Park, an office asset in Austin, for $16.9 million. The two-story, Class A property is located in the Northwest Corridor submarket at 3300 Duval Road, in proximity to the MoPac Expressway and Interstate 35, and was completed in 2000. Amenities include underground parking. Myriad Genetics Inc., a molecular device producer serving the healthcare industry, anchors the facility. Lionstone Group arranged the acquisition financing.
MANSFIELD, TEXAS — Full-service real estate company Advenir has acquired Advenir@Walnut Creek, a 256-unit multifamily community in the Dallas/Fort Worth suburb of Mansfield. The property is located at 3251 Matlock Road. Completed in 2002 and formerly known as Spyglass, the complex offers one-, two- and three-bedroom floor plans plus communal amenities such as a swimming pool, fitness center, business center and media room. Fifty units have undergone interior improvements since May 2013, and the new ownership plans to upgrade the remainder of the units by 2015. Advenir represented itself in the transaction, while Drew Kile and Will Balthrope of Institutional Property Advisors represented the seller, Kaplan Management Co. Braden Harmon of Berkeley Point Capital arranged the acquisition financing.
KATY, TEXAS — Developer Myers, Crow & Saviers Ltd. has leased the 135,000-square-foot Mason Creek Office Center I in the Houston suburb of Katy to Geico. Completed in July, the building is located at 21420 Merchants Way. Griff Bandy and Jon Silberman of NAI Houston represented the tenant in the negotiations, while Bob Cromwell and Kevin Nolan of Moody Rambin and Mark Saviers of Myers, Crow & Saviers represented the developer. With this lease, Myers, Crow & Saviers announces the construction of the 129,600-square-foot Mason Creek Office Center II, set to begin in March.
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.
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.