San Antonio’s multifamily market has historically been exempt from the fluctuations typical of other Texas cities. While San Antonio has had its share of new deliveries over the years, the multifamily stock has not increased in step with its Texas contemporaries. The traditional engines of the city– hospitality, health care and the military–provide a rock-solid foundation, but do not offer the types of high-paying wages that drive rent growth and new construction. New construction has also been inhibited by a lack of institutional capital flowing to San Antonio because it was perceived as a “low growth” market. Things, however, are changing. Job growth in industries such as energy, manufacturing, and the financial sector are drawing families to the region like never before, just as long-time San Antonio organizations such as USAA, the Medical Center and the University of Texas—San Antonio (UTSA) continue to expand. As a result of new jobs and a nationwide regression of home ownership rates to more historic levels, San Antonio’s multifamily market is seeing a rapid increase in demand. Developers, both local and national, have begun planning new developments… As of August 2012, San Antonio multifamily properties boast an overall occupancy rate of 92.9 percent. As …
HOUSTON — Houston-based American Spectrum Realty has sold the 389,000-square-foot Beltway Industrial Park, a 23-building industrial complex located in northwest Houston off of Beltway 8 and West Little York. American Spectrum expects to gain approximately $5.5 million before income tax expenses.
GALVESTON — Coldwell Banker Commercial United, Realtors has arranged the sale of a 10-unit multifamily complex, located at 1927 Avenue M 1/2 in Galveston. Mike Chance of Coldwell Banker represented the seller, CMDS Commercial Investments, in the transaction. Lori Pederson of Shoal Point Properties represented the buyer, My Suncoast Properties.
RICHARDSON — Newport Beach, Calif.-based KBS Strategic Opportunity REIT has signed six new and expansion leases totaling 29,066 square feet in its Palisades Central II, a 16-story office tower located in Richardson. Farmer, Fuqua & Huff signed a new lease for 8,087 square feet, and Swalm & Associates signed a 1,978-square-foot lease. Duke Biggers of Swearingen Realty Group represented both firms in the lease transactions. GXS Inc. has signed a new 10,086-square-foot lease, and Brian Whittington of Cresa's Dallas office represented GXS. FCCI Insurance Group has leased 5,292 square feet, and Doug Carignan of Jones Lang LaSalle represented FCCI. Richard M. Witmer has leased a 2,041-square-foot suite and was self-represented in the transaction. American Energy Partners has expanded its lease by 1,665 square feet to occupy 6,073 square feet. American Energy Partners represented itself in the lease transaction. Sarah Catherine Norris and Mark Jordan of JP Realty Partners represented the landlord, KBS, in all six lease transactions.
SOUTHLAKE — Four retail merchants have signed leases for space at Southlake Town Square, an open-air lifestyle development located in Southlake. Daddy Jack's, a New England lobster house, has leased 4,820 square feet. The Ginger Man, Journey's and Motherhood Maternity have also leased space at the retail development. The tenants signed the leases with Town Square LP, a subsidiary of Retail Properties of America.
DALLAS — Newmark Grubb Knight Frank has leased 14,000 square feet of office space at the 173,000-square-foot Chateau Plaza, an office building located at 2515 McKinney Ave. in uptown Dallas. Sarah Erickson and Tommy Nelson of Stream Realty represented the landlord, JPMorgan, in the lease transaction. Newmark Grubb Knight Frank was self-represented by Seth Weinstein.
SAN ANTONIO — A partnership between Dallas-based MedProperties Holdings and Dallas-based Suntex Development, the development arm of Suntex Ventures LLC, has made an equity investment for the development of a 60-unit, 56,313-square-foot assisted living/memory care facility, located at the intersection of Lakeside Parkway and Cable Ranch Road in San Antonio. The facility will house 42 assisted living units and 18 memory care units. Austin-based TRISUN Healthcare will operate the facility, which will be designed by Austin-based DFD Architects and constructed by San Antonio-based Metropolitan Contracting Co. The unnamed facility is slated for a summer 2013 completion.
DALLAS — Construction has begun on the 276-unit 4110 Fairmount, an upscale multifamily community located in the Oak Lawn/Uptown submarket of Dallas, an infill area near the intersection of Maple and Oak Lawn avenues. The development plans include the demolition of 1960s-era housing on Throckmorton Street. The community will be a four-story residential building wrapped around a five-story parking garage and will include 23 three-story townhomes with attached two-car garages. Amenities will include a cyber cafe, business center, fitness center, virtual game room, two luxury swimming pools, and a dog-amenity station. Trammell Crow Residential is partnering with Behringer Harvard to develop the community, and an affiliate of Trammell Crow will serve as the general contractor.
CEDAR PARK — ARA has brokered the sale of the 416-unit Middle Brook Gardens, a multifamily community located at 335 Cypress Creek Road in Cedar Park. The community's amenities include two resort-style swimming pools, heated spa, fitness center, playground, sand volleyball court and a pond. The property is 97 percent occupied. Patton Jones of ARA's Austin office represented the seller, Baltimore-based Alex Brown Realty Inc., in the transaction. Newton, Mass.-based Northland Investment Corp. was the buyer.
TEMPLE — Dragon Realty LLC has purchased a 9,786-square-foot freestanding restaurant building, located at 2113 SW HK Dodgen Loop in Temple. Tom Paredes and Taylor Roberts of the John T. Evans Co. represented the seller, Golden Corral, in the transaction.