ROUND ROCK — Steadfast Income REIT has purchased the 232-unit Montelena Apartments, a garden-style community located in Round Rock, for $18.35 million. The apartment community is currently 96 percent occupied, and it includes a swimming pool, heated spa, movie theater, fitness center, playground, sand volleyball court and basketball court.
DEER PARK — Inland Real Estate Acquisitions has acquired the 160,000-square-foot Siemens Gas Turbine Division North American headquarters, located in the Deerwood Glen Business Park in Deer Park, for $17.8 million. Joe Cosenza of Inland Real Estate Acquisitions, along with a vice chairman of The Inland Real Estate Group, facilitated the transaction on behalf of the buyer. The property is leased to Siemens Corp., which has 10 years remaining on its lease agreement.
AUSTIN — Hardin Construction Co. has been selected to build a 36,000-square-foot medical office building that will be known as Riverplace Medical Plaza, located in Austin's Four Points neighborhood. Construction is scheduled to begin in August and conclude in summer 2013. Schneider Halls Design will serve as the architect of record and Bury+Parners will serve as the civil engineer. Onair Development owns the property.
SAN ANTONIO — Institutional Property Advisors (IPA) has arranged the sale of The Venetian, a 182,984-square-foot multifamily property located at 7771 Joe Newton St. in San Antonio. The Venetian features 24-hour tennis and basketball courts, two large swimming pools, 24-hour fitness center, slate billiard table and a large TV lounge. Will Balthrope and Scott Lamontagne of IPA represented the seller, a Pacific Northwest-based private syndicator, in the transaction. Balthrope, Lamontagne and Drew Kile, also of IPA, procured the buyer, a Northeast-based individual investor.
AUSTIN — Hardin Construction Co. has been selected to construct The 704, a 378-unit multifamily property and 20,000 square feet of retail/restaurant space, located in Austin. The 704 will be located adjacent to the landmark Broken Spoke dance hall. The property is scheduled to break ground soon and finish completion by 2014. The multifamily property will feature two pools, an extensive fitness center, a dog run, bocce ball court, outdoor lounges, grilling areas and a rooftop deck. Dallas-based Wilder Belshaw Architects is providing design services and Transwestern owns the project.
COLLEYVILLE — Wal-Mart Stores Inc. has selected Satterfield & Pontikes Construction (S&P) to renovate an existing 56,000-square-foot building, located at Colleyville Boulevard and Glade Road in the Colleyville Plaza Shopping Center, and convert it into a Walmart Neighborhood Market. The new store is slated to open in October. The $2.6 million project includes updating the building's facade, replacing existing walls and ceilings, updated plumbing and electrical systems and replacing the roof's rubber membrane.
SAN ANTONIO — Park Place International has become the first tenant in CyrusOne's San Antonio data center called Westover Hills. The facility also includes Class A office space for tenants. The project is located on a 10-acre site and will offer 20 mW of power.
AUSTIN — Marcus & Millichap has arranged the sale of a 9,000-square-foot Dollar General, located at 6729 Manor Road in Austin. Greg Gaynor and Kelly Smith of Marcus & Millichap's Austin office represented the seller, a developer, in the transaction, and procured the buyer, a private investor.
OKLAHOMA CITY — Dallas-based Metropolitan Capital Advisors has secured a $17.6 million mortgage for the DSB Portfolio, a collection of 16 warehouse properties totaling 504,150 square feet located throughout the Oklahoma City MSA. The properties are collectively 95 percent occupied by tenants such as FedEx, Trane Air Conditioning, Cintas Corp. and the State of Oklahoma DHS. Todd McNeill and Sunny Sajnani arranged the CMBS loan with a 30-year amortization schedule on behalf of the borrowers: DSB Properties, Gardner Realty Properties and Santa Fe Development.
NORMAN, OKLA. — Campus Crest Communities has commenced construction on The Grove at Norman, a 224-unit, 600-bed student housing community located 0.6 miles from The University of Oklahoma in Norman. The community is expected to cost approximately $26.4 million to develop and is slated to open in fall 2013. The student housing development will feature a resort-style pool, game room, fitness center and library. Campus Crest has formed a joint venture with Harrison Street Real Estate to develop the community, and Campus Crest will own 20 percent of the community upon completion.
