PEARLAND, TEXAS — A partnership between South Florida-based Eastham Capital and local owner-operator Mosaic Residential has purchased Amber Oaks and Park Place, two adjacent apartment complexes totaling 164 units in the southern Houston suburb of Pearland. Built in 2015, Amber Oaks comprises 16 one-bedroom units and 47 two-bedroom apartments across two three-story buildings. Constructed in 1972, Park Place consists of 21 one-bedroom apartments, 72 two-bedroom residences and eight three-bedroom units across 14 two-story buildings. Residents at both properties have access to shared amenities, including a pool, outdoor grilling and dining stations and onsite laundry facilities. The seller was not disclosed.
PLANO, TEXAS — AOG Living, the Houston-based developer and operator formerly known as Allied Orion Group, has broken ground on Novum Plano, a 147-active adult project that will be located on the northeastern outskirts of Dallas. Designed by FK Architecture, the property will offer studio, one- and two-bedroom units that will be reserved for renters age 55 and above. Amenities will include a saltwater pool, pickleball court, fitness center, hair and nail salon, theater and game lounge, dog park, community gardens and outdoor kitchens. CBRE arranged construction financing for the project, completion of which is slated for late 2025.
RICHARDSON, TEXAS — Locally based brokerage firm Disney Investment Group (DIG) has arranged the sale of Arapaho Village, a 101,507-square-foot shopping center located in the northeastern Dallas suburb of Richardson. A 43,256-square-foot Tom Thumb grocery store anchors the center, which was roughly 92 percent leased at the time of sale. Other tenants include Papa John’s Pizza, Dutch Bros Coffee, WellMed and Anytime Fitness. David Disney and Adam Crockett of DIG represented the seller, New York City-based WASA Properties, in the transaction. An affiliate of Weitzman acquired the center for an undisclosed price. JLL arranged a six-year-fixed-rate acquisition loan through an undisclosed life insurance company for the deal as well as joint venture equity from an unnamed partner.
ALVARADO, TEXAS — Dallas-based brokerage firm Bradford Commercial Real Estate Services has negotiated the sale of a 33,750-square-foot industrial complex in Alvarado, located southeast of Fort Worth. The property consists of three newly constructed buildings on a five-acre site that were 67 percent leased at the time of sale. Shane Benner of Bradford represented the buyer, an entity doing business as Blue Mound Business Park LLC, in the transaction. Jake Petrie of LanCarte Commercial represented the undisclosed seller.
NIXON, TEXAS — Marcus & Millichap has brokered the sale of a 23,957-square-foot retail building in Nixon, about 60 miles east of San Antonio. The building, which sits on 4.4 acres and was completed earlier this year, is occupied by Tractor Supply Co. via a 15-year, corporate-guaranteed lease. Zack House, Mark Ruble and Chris Lind of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Tim Speck of Marcus & Millichap assisted in closing the deal.
By Taylor Williams AUSTIN, TEXAS — Sources of institutional capital are slowly trickling back into buyer pools of deals for multifamily properties in Austin, a move that marks an inflection point within the sector as a whole and speaks to investors’ long-term faith in that market’s fundamentals. And faith is perhaps just what the doctor ordered. In some ways, Austin has become a victim of its own success over the past decade, a sort of cautionary tale of growth gone too heavy too fast. The feverish attempts of multifamily developers to keep pace with demand during that time have come to a head, and the market now languishes in a state of oversupply. With rents softening and interest rates only just now showing concrete signs of decreasing, institutional capital has been more than content to sit on the sidelines of this market for the past 18 or so months. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. But that is starting to change, at least according to a panel of multifamily investment sales professionals who spoke …
MCKINNEY, TEXAS — Newmark has negotiated the sale of a 480,614-square-foot industrial property in the northern Dallas suburb of McKinney. The property at 801 Harry McKillop Blvd. is part of McKinney National Business Park, a five-building, 945,000-square-foot development that was built in 2022 on a speculative basis on a 64-acre site adjacent to McKinney National Airport. Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe, Jack Fraker and Caroline Wilson of Newmark represented the seller, Transwestern Development Co., in the transaction. CBRE Investment Management purchased the property for an undisclosed price.
SAN ANTONIO — Salt Lake City-based investment firm Preserve Partners has purchased O’Connor Oaks, a 165-unit apartment complex in northeast San Antonio. Built in 1983, the garden-style community offers one-, two- and three-bedroom floor plans with an average unit size of 900 square feet. Amenities include two pools with sundecks, outdoor grilling and picnic areas, a business center and a dog park. The site also features four acres for additional expansion. Jim Young and Chase Easley of Newmark represented the seller, Austin-based JMB Group, in the transaction.
AUSTIN, TEXAS — Northmarq has arranged construction financing for Avalon Pointe, a 142-unit student housing project that will be located near the University of Texas at Austin’s West Campus neighborhood. The 10-story building will offer studio, one- and two-bedroom units. Amenities will include a first-floor study lounge, fitness center, electric vehicle charging stations and a social room. Cheryl Higley, Ryan Shoars, Noah Villicana and Haylee Williamson of Northmarq originated the debt on behalf of the undisclosed borrower. The name of the direct lender and a construction timeline were also not disclosed.
HOUSTON — GCP Paper USA, a locally based manufacturer and distributor, has signed a 99,926-square-foot industrial lease in North Houston. According to LoopNet Inc., the property at 971 N. Sam Houston Parkway E is known as Beltway North Commerce Center, totals 251,220 square feet and features 32-foot clear heights, 130-foot truck court depths, three drive-in ramps and 4,022 square feet of office space. Jeremy Lumbreras and Woody Hillyer of Stream Realty Partners represented the landlord, High Street Logistics Properties, in the lease negotiations. Joseph Smith and Jordan Enger of CBRE represented the tenant.