BUDA, TEXAS — BWE, the commercial lender formerly known as Bellwether Enterprise Real Estate Capital, has provided a $14.3 million Freddie Mac loan for the refinancing of Tuscany Park Apartment Homes, a 176-unit affordable housing complex located in the southern Austin suburb of Buda. The property consists of 14 buildings, and the majority (142) of the units are reserved for households earning 60 percent or less of the area median income. Amenities include a pool, fitness center, playground and a community room. Jon Killough and John Roberts of BWE originated the financing, which was structured with a floating interest rate and five years of interest-only payments, on behalf of the borrower, Alabama-based Envolve Communities.
DALLAS — Hobi International, a provider of mobile asset management services, has signed a 98,489-square-foot industrial lease renewal at 7601 Ambassador Row in northwest Dallas. According to LoopNet Inc. the property was built in 1958 and totals 185,220 square feet. Craig Jones of JLL represented the tenant in the lease negotiations. Sam Abusaad represented the landlord, Chicago-based ML Realty Partners, on an internal basis.
HOUSTON — Colliers has arranged the sale of Azul Apartments, a multifamily complex in North Houston. According to Apartments.com, the property was built in 2019, totals 90 units and offers studio, one-, two- and three-bedroom floor plans. Jaleel Adatia, Chip Nash, and Bob Heard of Colliers represented the seller, an entity doing business as ZK Jester Inc., in the transaction. The team also procured the buyer, Lonestar Capital Group.
FORT WORTH, TEXAS — Texas-based developer Presidium has completed Phase I of Presidium Berkshire, a multifamily project in North Fort Worth that added 340 units to the local supply. Units come in studio, one-, two- and three-bedroom formats and feature stainless steel appliances, quartz-style countertops, private balconies/terraces, individual washers and dryers and built-in desks. Amenities include a pool with splash pads, outdoor dining and grilling areas, two-story fitness center with a yoga studio, speakeasy-style bar, demonstration kitchen, coworking lounge and a dog park. Dallas-based O’Brien Architects designed Presidium Berkshire. Rents start at $1,560 per month for a studio apartment. The development will ultimately feature about 1,100 units.
PLANO, TEXAS — A partnership between Dallas-based Paceline Equity Partners and ESR Group has acquired the 304-room Renaissance Dallas at Plano Legacy West Hotel. Completed in 2017 by Sam Moon Group in conjunction with the launch of the larger Legacy West mixed-use development, the hotel offers a rooftop pool and bar, 35,000 square feet of meeting and event space and a 474-space dedicated parking garage. The seller and sales price were not disclosed. The new ownership assumed the existing fixed-rate debt on the property as part of the deal.
HOUSTON — JLL has negotiated the sale of Uptown Plaza, a 28,000-square-foot retail strip center in Houston’s Uptown area. Built ono 2.7 acres in 2002, the center was fully leased at the time of sale to tenants such as CVS, Vision Corner, EG Geller Shoes, Lesley Ann Jewels, Alchemy 43, Fizz Nails and Grotto. Ryan West, John Indelli and Erin Lazarus of JLL represented the undisclosed seller in the transaction. Pine Ridge Real Estate purchased the asset in cash for an undisclosed price.
FRISCO, TEXAS — Matthews Real Estate Investment Services has arranged the sale of Shops at Stonebrook Plaza, a 19,204-square-foot retail strip center in Frisco. The sales price was $8.5 million, equating to a cap rate of 6.4 percent. The center was built in 2016 and was fully leased at the time of sale to tenants such as 24-7 Dry Cleaners and Paris Nail Bar. Grayson Duyck of Matthews brokered the deal. The buyer and seller were not disclosed.
SAN ANTONIO — Law firm Chamberlain Hrdlicka has signed a 13,555-square-foot office lease expansion at Weston Center, a 32-story office building in downtown San Antonio. Chamberlain Hrdlicka moved into Weston Center in 2011, at which point its footprint was roughly 4,000 square feet. Bradley Fulkerson and Austin Hibbard of Transwestern, along with Larry Mendez of CBRE, represented the firm in the lease negotiations. David Held and Hayley Ruggles of Endura Advisory Group represented the landlord.
BAYTOWN, TEXAS — Dallas-based developer Provident Realty Advisors has broken ground on Port 99, a 1.3 million-square-foot distribution center in Baytown, located near Port Houston on the city’s eastern outskirts. The development’s multiple buildings will have front-load and cross-dock configurations, clear heights of 32 to 40 feet, 271 dock-high doors, six grade-level doors and combined parking for 437 cars and 1,184 trailers. Construction is slated for a second-quarter 2024 completion. Lee & Associates is marketing the development for lease.
ARLINGTON, TEXAS — The Cordish Cos., a Baltimore-based developer and operator specializing in sports-themed entertainment projects, has begun leasing One Rangers Way, a 299-unit multifamily project in Arlington. The community is located near Globe Life Field, home of the MLB’s Texas Rangers, and within Cordish’s Arlington Entertainment District. Designed by Hord Coplan Macht, One Rangers Way offers one- and two-bedroom units, as well as penthouses, in addition to a 423-space parking garage and 43,000 square feet of indoor and outdoor amenities. Specifically, amenities include a pool, fitness center, coworking spaces, indoor and outdoor lounges and concierge services. Full completion is slated for late 2024. Rents start at $1,400 per month for a one-bedroom apartment.