PORT ARTHUR — Grandbridge Real Estate Capital has closed $23.5 million in first mortgage financing for the 372-unit Willow Lakes Apartments, a Class A property located in Port Arthur. Greg Young of Grandbridge's Houston office arranged the 5-year loan with a 20-year amortization schedule through American Real Estate Capital.
TULSA, OKLA. — Steadfast Income REIT has acquired the 336-unit Sonoma Grande, an apartment community located in Tulsa, for $32.2 million. The property is 91 percent occupied and features a resort-style swimming pool with cabanas, an outdoor gourmet kitchen, fitness center, a tanning salon, playground and detached garages. Steadfast now has more than $200 million invested in 13 apartment communities in Illinois, Iowa, Kansas, Kentucky, Missouri and Oklahoma.
SAN ANTONIO — Kotel Investments has purchased a 40,330-square-foot industrial property, located at 12066 Starcrest Drive in north central San Antonio. The property consists of five tenants, including Soccer Factory and Ducati of San Antonio. Joshua Swank of Alamo Real Estate Brokers represented the buyer in the transaction.
KILLEEN — SRS Real Estate Partners has brokered the sale of the 10,200-square-foot Shops in Killeen, a shopping center located at 1100 Lowe's Blvd. in Killeen. The shopping center is fully leased. Jason Middlebrook of SRS Real Estate Partners represented the seller in the transaction.
AUSTIN — Oxford Commercial has arranged the lease of 31,298 square feet of industrial space at Tuscany 2, located at 9011 Tuscany Way in Austin. Joe Brockman of Oxford Commercial represented the tenant, Sherri Hill, in the lease transaction. Ace Schlameus of HPI represented the landlord. Oxford Commercial is a Cushman & Wakefield Alliance member.
HOUSTON — Triple Tap Ventures, owner and operator of the Houston-area Alamo Drafthouse Cinema locations, has plans to bring two new locations to Houston in 2013. The first will open in early 2013 in the Vintage Park Shopping Village in northwest Houston. The shopping center is owned by Dunhill Partners. The second theater will be located at 2901 Louisiana St. in Houston's Midtown area on top of a three-story parking garage. The theater will feature a lobby bar with a panoramic view of Houston's skyline. In addition, Triple Tap has plans to close the older Alamo Drafthouse Cinema at West Oaks Mall this year.
IRVING — Cadence McShane Construction Co. has been selected by the Irving ISD to complete expansions at Sam Houston Middle School and Albert Farine Elementary School, both located in Irving. Sam Houston Middle School, located at 3033 W. Country Club Road, will undergo a 100,000-square-foot renovation program that encompasses 50 classrooms, a library, gymnasiums, science labs, administrative offices, art, music and theater areas. Cadence McShane is slated to complete the renovation by the beginning of fall semester. Albert Farine Elementary School, located at 615 Metker St., will undergo a 71,000-square-foot renovation, including the modernization of 52 classrooms, a cafeteria, kitchen, gymnasiums and the library. Cadence McShane will also install new perimeter fencing and landscaping and will complete parking lot upgrades at each campus. PBK is providing the architectural services for each of the assignments.
MISSOURI CITY — Barrett Health Centers has purchased a 2,621-square-foot office property, located at 4642 Riverston Blvd. in Missouri City, from Maverick Steel Enterprises. The office property will serve as a chiropractic office for Dr. Richard Barrett. Jane Holloway and Larry Indermuehle of ICO Commercial represented the buyer in the transaction. Tawnya Dornak of ICO Commercial represented the seller.
AUSTIN — Marcus & Millichap Capital Corp. (MMCC) has arranged an $11.5 million loan for the refinancing of a six-property, 2,109-unit self-storage portfolio across the State of Texas. Michael Laurencelle of MMCC's Austin office arranged the 10-year loan with a 30-year amortization schedule and a fixed rate of 5.41 percent.
AUSTIN — Forestar Group has formed a multifamily venture with Canyon-Johnson Urban Funds for the development of the 257-unit Eleven, a six-story multifamily development that will be located on the southeast corner of East 11th Street and Interstate 35 in downtown Austin. Amenities will include a resort-style pool, rooftop deck, courtyard, upscale clubhouse, business center and fitness facilities. BGO Architects designed the property to obtain certification by the Austin Energy Green Building program, and Leslie Foster Interiors handled the property's interior design. Eleven is scheduled to break ground in the next 30 days.
