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.
GRANBURY, TEXAS — Marcus & Millichap has brokered the sale of Lakeshore at Granbury, a 41-unit apartment property located at 800 Panama Court near Highway 377 in Granbury. The community offers residents easy access to Lake Granbury with its private dock and private boat ramp. Robert Denninger of Marcus & Millichap's Dallas office represented the seller and procured the buyer, both limited liability companies, in the transaction.
ARLINGTON, TEXAS — Nebraska-based Tenaska Inc. has renewed its 32,102-square-foot lease at the Offices at Brookhollow in Arlington. The Offices at Brookhollow is an 80,104-square-foot office development at 1701 E. Lamar Blvd. Karen Simon and Brian Scott of Bradford Commercial Real Estate Services represented the landlord, 1031 Arlington LLC, in the five-year lease renewal. Renee Efimoff of SCM Real Estate Services Inc. represented the tenant.
FORT WORTH, TEXAS — Trademark Property Co., a real estate developer and investor based in Fort Worth, has plans to build Waterside, a new 63-acre master-planned development, in Fort Worth. The project will located on the Trinity River at Bryan Irvin Road and Arborlawn Drive. Waterside will be built as a walkable shopping, leisure, office, hotel and residential district. The development will include an extension of the Trinity Trails, an internal trail system, bridge, canoeing/kayaking, dog park, central plaza, riverfront amphitheater, 200,000 square feet of retail/restaurants, 20 to 30 acres of residential space, 100,000 to 200,000 square feet of office space and a signature hotel. Construction is slated to begin in spring 2014 and Phase I is slated for a spring 2015 opening. Trademark is under contract to purchase the land from the Lockheed Martin Recreation Association, a nonprofit corporation providing recreational facilities and activities for Lockheed Martin employees, retirees and dependents.
DALLAS — Forest City Enterprises Inc. has closed a strategic capital partnership with AIG Global Real Estate for the development of 3700M, a 381-unit apartment project in the West Village neighborhood of Dallas. The project, located at 3700 McKinney Ave. at Blackburn Street, will include a 21-story tower, as well as a five-story mid-rise component. Forest City and AIG will share ownership and fund the equity requirements for the project. The new community began construction in December 2012 and will wrap up construction in the third quarter of 2014. Amenities will include a pool, cooking areas, covered seating, a water feature and 37,000 square feet of ground-level retail. Cityplace Co. will own 3700M's ground-level retail component. Civitas Capital Management is providing construction financing through the government's EB-5 loan program.
