HOUSTON — CBRE Strategic Partners U.S. Value 6, a fund sponsored by CBRE Global Investors, has acquired The Connection at Buffalo Pointe, a 352-unit, Class A apartment community in Houston. The property, located at 10201 Buffalo Speedway near the Texas Medical Center, is 93 percent occupied. CBRE Global Investors will manage the property and implement an upgrade program, which will add granite countertops, new plumbing and updated light fixtures to the units. The Connection at Buffalo Pointe is the first component of a larger mixed-use development, according to Steve Gullor of CBRE Global Investors.
DALLAS — ARA has arranged the sale of Timberlodge Apartments, a 216-unit multifamily community located in Dallas. Brian O'Boyle Sr., Brian O'Boyle Jr. and Richard Furr of ARA represented the seller, San Francisco-based The Reliant Group, in the transaction. The buyer is Salt Lake City, Utah-based Bridge Investment Group Partners. The multifamily community was built in 1981 and is 92 percent occupied. Timberlodge was built alongside a creek and it features two sports courts, a swimming pool and hot tub.
DALLAS — Hendricks-Berkadia has arranged the sale of St. Francis, a 200-unit apartment complex located at 8943 Senate St. in Dallas. The apartment community was built in 1968 and offers one-, two- and three-bedroom floor plans. Peter Hartnett of Hendricks-Berkadia's Dallas office arranged the sale. Dallas-based St. Francis Investment Partners LP sold the community to Dallas-based TACP SFRANCIS LP.
COLLEGE STATION, TEXAS — Skanska has completed construction of the Texas A&M University Liberal Arts and Humanities building, a 120,000-square-foot development that will serve as the permanent home for the school's English and Performing Arts departments. The university held a grand opening event for the five-story brick and limestone property. The building is located on the core of campus, next to the Melbern G. Glasscock building, which houses the History department. The structure features an open-air courtyard, new classrooms, a recording studio, black-box theater and outdoor courtyard with electrical capacity for outdoor performances. Skanska broke ground on the structure in 2010.
DALLAS — The Connor Group, a real estate investment firm, has sold the 228-unit Park Gates at City Place, a Dallas apartment community. The Connor Group owned and operated the community for six years. The Centerville, Ohio-based company expects to provide a 60 percent return to its investors. The Connor Group now owns and operates seven properties in Texas — four in Dallas and three in Austin.
FORT WORTH, TEXAS — Fort Worth-based Panther FW Investments LLC has closed on its purchase of a two-property multifamily portfolio in Fort Worth totaling 528 units. The two properties include Bent Tree and Country Place, both located along Normandale Street on Fort Worth's west side. Panther plans to upgrade the exterior and interior of the communities in order to push rents upward.
MIDLAND, TEXAS — Marcus & Millichap has arranged the sale of a Country Inn & Suites in Midland. The 66-room hotel is located at 920 W. Interstate 20. Jake Gaddy, Allan Miller and Chris Gomes of Marcus & Millichap's Austin, San Antonio and Dallas offices, respectively, represented the seller, a private investor, in the transaction. Gaddy and Miller also secured the buyer, an individual trust.
HOUSTON — Houston-based Boxer Property has acquired Northwest Central Plaza, a 75,289-square-foot office building located at 5500 N.W. Central Drive in Houston. The two-story property is currently vacant. Boxer Property also owns the adjacent property, 5600 N.W. Central Drive.
KATY, TEXAS — Dallas-based three: living architecture, a boutique design firm, has designed The Solana at Cinco Ranch, a 20,000-square-foot expansion to the existing seniors housing community in Katy, which three also designed. The expansion will feature 20 new memory care units and six additional assisted living units. Formation Development Group and its affiliates own the development, and The Arbor Co. manages it. The expansion is set to open in July.
ALIEF, TEXAS — ARA has arranged the sale of the 100-unit Ambiance Townhomes, located in Alief, a town southwest of Houston. Matt Saunders, Russell Jones and Zach Springer of ARA's Houston office represented the seller, Rich and Rich Associates, a private real estate investment group based in Philadelphia. The buyer, Washington-based Richmond Apartments LLC, plans to renovate and upgrade the property. The apartment community is 98 percent occupied.