STAFFORD – Staybridge Suites Houston Stafford-Sugar Land has opened at 11101 Fountain Lake Dr. in Stafford, close to the Southwest Freeway – U.S. Highway 59 – and 15 miles southwest of downtown Houston. The four-story, 90-room Staybridge Suites is the first of its brand to be designed in cooperation with interior design students from the Savannah College of Art and Design (SCAD). The hotel features the Vista scheme, which focuses on fresh color, organic patterns and subtle textures. Staybridge Suites Houston Stafford-Sugar Land is owned by Clifton Hospitality LP and operated by Alpha Hotel Management LLC under a license agreement with an InterContinental Hotels Group (NYSE: IHG) company.
Texas
HOUSTON – Steve Mellon of Grubb & Ellis’ Self Storage Group has represented Access Self Storage in its sale of two Class A self storage properties to Extra Space Storage (NYSE: EXR), a national REIT specializing in self storage properties. The acquisition enables Extra Space Storage to enter two new submarkets in the greater Houston area. The two properties are located in Houston and La Porte, and total 131,525 square feet and 1,061 units.
DALLAS AND IRVING – The Dallas and Chicago office of Holliday Fenoglio Fowler have arranged $22.8 million in acquisition financing on behalf of a partnership between Deerfield, Ill.-based Legacy Real Estate Development and Tarson Investments for Tiburon Apartments in Dallas and Creekwood Apartments in Irving. Located at 15411 Preston Rd. in Dallas, Tiburon Apartments is 97 percent leased and has 362 one- and two-bedroom units. Amenities include three swimming pools, a hot tub and a clubhouse, and it is situated close to Interstate 635, Dallas North Tollway and President George Bush Turnpike in the North Dallas/Addison submarket. Creekwood Apartments is located at 4208 W. Pioneer Dr. in Irving and has 232 one- and two-bedroom units. Its amenities include a clubhouse, a fitness center, two swimming pools, two laundry facilities and covered parking. It is 95.7 percent leased.
PEARLAND – Houston-based Arch-Con Construction has completed a 48,000-square-foot Holiday Inn Express Hotel and Suites located at 13931 S. Freeway (Highway 288) in Pearland. Holiday Inn Express is a four-story hotel that features 86 rooms, a meeting room, a fitness room, a swimming pool and a breakfast bar.
CONROE – An investment partnership sponsored by Houston-based Vista Equities Group has acquired a 39,000-square-foot office building located at 333 N. Rivershire Dr. in Conroe. The property was 50 percent occupied at the time of acquisition. Vista Equities Group plans expansive renovations and Robert Graham of The Marion Franke Team in Conroe will serve as the building’s leasing agent. Woody Mann of Vista Equities Group negotiated the property acquisition, while James Coleman of First National Bank handled the financing.
HOUSTON – Caleb Lawson has joined Avison Young’s brokerage operations in Houston as a principal and member of the corporate services group. He will focus on local tenant representation and portfolio management services for clients with national and international locations. He brings 14 years of experience in the commercial real estate industry. Previously, he was the founder and president of Lawson Group, a Houston-based firm specializing in tenant representation.
DALLAS, FORT WORTH, HOUSTON AND SAN ANTONIO – New York-based AREA Property Partners and Atlanta-based Wood Partners, in a joint venture, have acquired a nine-property multifamily portfolio in Texas, totaling 2,589 units. Five properties are located in the Dallas-Fort Worth metroplex, three in Houston and one in San Antonio. Built between 1997 and 2007, the properties range from studio to four-bedroom apartments with an average apartment size of more than 1,100 square feet. Included in the purchase are Mansions at Stonebridge, Mansions by the Lake, Mansions by the Vineyard, Villas on the Green and Estates at North Richland Hills, all in the Dallas-Fort Worth area, specifically in Coppell, Euless and North Richland Hills.
LUBBOCK – Pittsburgh-based McKinney Properties has purchased U Lofts, a 299-unit, mid-rise student housing complex in Lubbock serving Texas Tech University, for $16.2 million. Located adjacent to the university’s primary entrance, U Lofts includes 11,000 square feet of commercial space and a 500-space parking garage. It was built in 1968 and renovated between 2008 and 2010. Dorothy Jackman and Travis Prince of Marcus & Millichap’s Student Housing Group represented the seller.
FORT WORTH – Fort Worth-based NAI Huff Partners has merged with the central region of Houston-based Transwestern. The merger expands Transwestern’s operations into the Fort Worth market with the addition of 30 team members from the NAI Huff Partners team. Transwestern will have 90 brokers and more than 39 million square feet of leasing and/or management business in the Dallas-Fort Worth metroplex with this latest merger.
ANN ARBOR, MICH. – Sterling University Housing, the student housing division of The Dinerstein Companies, a Houston-based company that builds and operates apartment communities in 27 different states, has acquired 4Eleven Lofts near the University of Michigan in Ann Arbor. The 96-unit, 342-bed student housing community was 100 percent occupied at closing. Built in 2009, 4Eleven Lofts is a 10-story, high-rise community located two blocks from the University of Michigan’s Central Campus and in the heart of downtown Ann Arbor. It features 10-foot ceilings, flat panel HD televisions, modern kitchens and single or shared bedrooms. The property was in escrow for approximately 60 days and was purchased for an undisclosed amount. Holliday Fenoglio Fowler represented the parties involved in the transaction.