DALLAS — Alliance Residential Co. has broken ground on the 301-unit Avant, a Broadstone multifamily property located on a 5.14-acre lot in Dallas' Design District. Completion is slated for the second quarter of 2013. The building will feature upgraded lighting and plumbing packages, granite countertops, accent walls, wood floors, garden tubs, a fitness center, a clubhouse, a cyber lounge, a pool with a sundeck and a courtyard parking garage.
HOUSTON — The Houston office of Atlanta-based ARA has brokered the sale of the 338-unit Creekstone Apartments, a 15-building garden-style apartment community in the West Memorial/Briar Forest submarket in Houston. Matthew Rotan, David Oelfke, David Wylie and David Mitchell of ARA represented Greystar, the seller, in the transaction. Matt Rotan of ARA represented the buyer, Boca Raton, Fla.-based Southstar Capital Group, which purchased the community through financing it received from Freddie Mac. Creekstone was 97 percent occupied at the time of the sale.
DALLAS — NorthMarq Capital has secured permanent financing for the 48,901-square-foot Frankford Pavilion Shopping Center, located at 4520 Frankford Rd. in Dallas. Ronald Reese of NorthMarq's Dallas office and David Garfinkel of NorthMarq's St. Louis, Mo., office arranged the financing with a 10-year term and a 25-year amortization schedule through Minnesota Life Insurance Co. on behalf of the borrower, Bianco Properties.
HOUSTON, AUSTIN AND DALLAS — Buffalo, N.Y.-based Sovran Self Storage, Inc. has acquired 22 properties in Texas for $101.5 million. The 1.23 million-square-foot portfolio includes 18 properties in Houston, three in Austin and one in Dallas. Sovran will operate the properties under the name Uncle Bob's Self Storage.
TERRELL — Dallas-based The MGHerring Group and the City of Terrell have finalized plans for a $30 million economic development agreement for Eighty Twenty, a new 225-acre, open-air shopping center located at the intersection of Interstate 20 and U.S. Highway 80 in Terrell. The first phase of the project will include 600,000 square feet of retail space and is slated for an early 2012 groundbreaking, with a spring 2013 opening. The agreement is for Terrell, the city's Tax Increment Financing District No. 1 and the Terrell Economic Development Corp. to reimburse MGHerring the cost over a 25-year period, based on sales and property taxes generated by the center. The agreement also allocates funds to the improvements to Highway 80 and FM 148.
NEW ULM — Memorial Development has begun renovation construction for The Falls Resort and Golf Club, a golf resort development located at 1750 N. Falls Dr. in New Ulm. Renovations include a new main entrance, fitness center, pro shop, club house, villas and hotel rooms. Breakaway Development and the Swalm Foundation, both based in Houston, own the development and Scottsdale, Ariz.-based Troon Golf manages the golf course. WilsonMiller Stantec is serving as the landscape architect for the project.
AUSTIN, COLLEGE STATION AND HOUSTON — Inland American Real Estate Trust Inc. has completed the disposition of a portfolio of TownePlace Suites hotels , totaling 571 rooms, for more than $30 million. The portfolio includes the 127-room TownePlace Suites Austin Northwest, the 94-room TownePlace Suites Bryan College Station, the 128-room TownePlace Suites Houston Northwest and the 94-room TownePlace Suites Houston Clear Lake. The portfolio also included a 128-room property in Birmingham, Ala.
MISSOURI CITY — SouthWest Electronic Energy Group has purchased a 5.15-acre site within Lakeview Business Park, located at 823 Buffalo Run in Missouri City. SouthWest Electronic is planning on developing a 52,000-square-foot industrial facility which will serve as the company's corporate headquarters. Alexander Reilly and Bo Petti of Houston-based Boyd Commercial represented the seller, Trammell Crow Co., while Larry Indermuehle and Lang Motes of Sugar Land-based Indermuehle & Co. represented the buyer.
HOUSTON — Last Call Studio by Neiman Marcus has signed an 18,000-square-foot lease to open its fourth U.S. store at the 200,000-square-foot Post Oaks Shopping Center, a retail development located at the intersection of Post Oak Boulevard and Westheimer Road in Houston that is currently 100 percent leased. The store is slated to open in the second half of 2012. Other tenants in Post Oaks include Gallery Furniture, DSW, The Container Store, Whole Earth Provision Co., Starbucks, Maggiano's and Sports Authority.
MANSFIELD — Memphis-based MAA has acquired the 456-unit Legends at Lowe's Farm, an apartment community located at 1400 N. State Hwy. 360 in Mansfield, which falls into the Dallas/Fort Worth MSA. The property was developed in 2008 and features a pool, a fitness center, a business center, garages and upscale interior amenities. The acquisition was funded by common stock issuances through MAA's at-the-market program and borrowings under current credit facilities. Roberto Casas and Bill Miller of Holliday Fenoglio Fowler's Dallas office represented the seller, Alliance Residential. The property was formerly known as Broadstone Lowe's Farm.
