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.
Texas
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.
MESQUITE, TEXAS — NAI Robert Lynn has arranged a 189,492-square-foot lease of office/warehouse space for Senox Corp. in the western Dallas suburb of Mesquite. The tenant, a manufacturer of roof accessories such as gutters, will occupy the entire facility, which is located at 227 S. Town East Blvd. Stephen Cooper and Mark Miller of NAI Robert Lynn represented the tenant in the negotiations, while David Lachoff of Newmark Grubb Knight Frank represented the landlord.
IRVING, TEXAS — The Richland Companies has leased 34,056 square feet of flex space in Irving to Flowserve Corp., a manufacturer of pumps, valves and seals for the energy and chemical industries. The facility, located at 4343 W. Royal Lane in the Las Colinas submarket, serves multiple tenants with a total footprint of 80,500 square feet. Jon Altschuler of Altschuler & Co. represented the landlord, The Richland Companies. Kelly Kackley of Jones Lang LaSalle represented the tenant.
While the national economy remains sluggish, the energy-fueled Houston economy continues to power a resurgent local apartment market. The Houston multifamily market is the strongest it has been in years, with robust performance across classes and in virtually every submarket. Construction has rebounded from the depressed levels of the past few years, but demand continues to exceed supply, forcing rents ever higher. The statistics say that vacancy is at its lowest level in nearly eight years, and rents are at their highest rate on record. I am seeing that borne out, as virtually every deal that crosses my desk shows that income is on an upward trend. Houston was the first market nationally to recover all of the jobs lost during the recession, and since, the pace of job growth has accelerated. Projects that were shelved four or five years ago are now under construction throughout the region, including OliverMcMillan beginning work on its River Oaks District, Wulfe going vertical at BLVD Place and GID building on the site of the old Allen House. In addition, new developments continue to be announced. This construction activity, both residential and commercial, has created lots of good jobs for skilled and semi-skilled laborers …
SAN MARCOS, TEXAS — Automotive thermoform supplier Corvac Composites LLC has leased a 100,000-square-foot industrial building in the San Antonio suburb of San Marcos for its new manufacturing facility. The property, previously the home of American Tire, is located at 2350 Clovis Barker Road. Corvac, which is headquartered in Byron Center, Mich., will begin retrofitting the building in January 2014 and will create more than 30 jobs with the March opening of this new location. The Greater San Marcos Partnership, the City of San Marcos and Hays County worked together to provide the company with an incentive package totaling $189,000.
KATY, TEXAS — Developer Vista Equities Group has broken ground on Phase III of LaCenterra at Cinco Ranch in the Houston suburb of Katy. The new phase consists of 37,000 square feet of retail, 36,000 square feet of Class A office and a parking garage to the larger mixed-use development. The additions will be located on the southwest side of LaCenterra at Cinco Ranch, which totals 34 acres and 300,000 square feet. Hoar Construction is overseeing construction of the new phase, which is slated for completion in the fall of 2014.