AUSTIN, TEXAS — Steadfast Income REIT has purchased the 268-unit Montecito, an apartment complex located five miles from downtown Austin, for $19 million. The multifamily property recently underwent a $1.78 million renovation and is 96 percent occupied.
SAN ANTONIO — Laurus Corp., a private real estate investment and development firm, has acquired the 384-room Hilton San Antonio Airport Hotel, located at 611 NW Loop 410, less than two miles away from the San Antonio International Airport. The 14-story hotel features 16,000 square feet of meeting space, a sports bar, restaurant and an amenity package. The acquisition is the second investment for Laurus Corp.'s opportunistic Ethika Fund. The company plans to invest approximately $9 million in renovations.
SAN ANTONIO — CapLease has closed on its $18.1 million acquisition of a 96,000-square-foot, Class A office building, located in San Antonio. The property is leased to two tenants: United Healthcare Services and Becton, Dickinson and Co. CapLease acquired more than $185 million in commercial properties in 2012, including this purchase.
LA PORTE, TEXAS — Meritex has sold two industrial facilities, located at 9701 and 9705 State Highway 225 in La Porte, totaling 312,964 square feet. DCT Industrial Operating purchased the facilities, as well as development rights to an adjacent land parcel. Neither party was represented by a brokerage firm in the transaction.
DALLAS — The City of Dallas Regional Center (CDRC), a public-private partnership between the City of Dallas and Civitas Capital Group, has closed on acquisition financing for Forest City West Village, a 21-story residential tower located in uptown Dallas. The project is anticipated to create more than 1,000 direct and indirect jobs. West Village will include 381 luxury apartment units and 37,000 square feet of retail and restaurant space. Construction is under way on the project. According to Mike Rawlings, the mayor of Dallas, the project attracted foreign investment through the EB-5 program, an immigrant investor initiative.
DALLAS — Colliers International North has brokered the sale of 501 Elm Place, an approximately 190,000-square-foot landmark building located in the West End District of Dallas. The property was built in 1903 and includes office, retail and residential space. The building, which spans an entire city block, also houses the Dallas Holocaust Museum. Creighton Stark and Ben Lurie of Colliers International represented the seller, a German investor group advised by International Capital, in the transaction.
FRISCO — Bell Partners has acquired the 208-unit Broadstone Stonebriar Apartments, a Class A, garden-style apartment community located in Frisco. The community will be rebranded as Bell Stonebriar. The apartment complex features a resort-style swimming pool with a fountain, a fitness center, business center and media center. Bell Partners will manage Bell Stonebriar. In 2012, Bell Partners acquired approximately $550 million in apartment communities.
HOUSTON — Transwestern's Houston office has arranged the sale of two Houston apartments, the 182-unit Oaks of Westchase and the 149-unit Clarke Springs. Mosaic Residential purchased Oaks of Westchase, located at 2851 Wallingford, in an off-market transaction with Pacifica L 49 LLC, the seller. A private investment group purchased Clarke Springs, located at 15706 Clarke Springs Drive, from SCG Multi Apts. Holdings LLC, the seller. Transwestern represented the sellers in both transactions.
HOUSTON — The University of Texas' MD Anderson Cancer Center has purchased a 34.5-acre tract of land in Central Park, a 78-acre commercial development located in Houston's Energy Corridor. Wolff Cos. assembled Central Park in late 2011 and early 2012. Central Park is located on the north side of Interstate 10 between North Eldridge Parkway and State Highway 6. There is approximately 2 million square feet of office space either in construction or in the pipeline in the Energy Corridor, according to Wolff Cos.
HOUSTON — Multi-Employer Property Trust (MEPT) has purchased the 134,000-square-foot Parkway Village, a grocery-anchored shopping center in Houston's Energy Corridor. Kroger anchors the center, which is currently 96 percent leased to 29 national, regional and local retailers. MEPT is a commingled real estate equity fund advised by Bentall Kennedy. The Parkway Village acquisition was brokered by HFF.