HOUSTON — The University of Houston and Hardin Construction Co. have completed a new $42 million freshman housing facility called Cougar Village that will serve as a model for future expansion. The seven-story, 291,000-square-foot building houses 1,132 students, who are grouped into themed communities based on their academic disciplines. Cougar Village features suites and single units and provides amenities such as a central lounge, study and lecture areas, a fitness center, kitchens, a convenience store, a computer room and student services offices. The new freshman housing facility is part of the University's long-term plan to transform from a traditionally commuter campus. HADP Architecture served as project architect.
LIVE OAK AND CORPUS CHRISTI — Institutional Property Advisors' (IPA) Balthrope Group, led by Will Balthrope and Ryan Epstein, has recently brokered two multifamily sales: the 378-unit Mira Loma in the San Antonio suburb of Live Oak and the 270-unit Alta Bayside in Corpus Christi. Developed in 2009 by Godfrey Residential Group, Mira Loma is a 335,260-square-foot luxury apartment complex situated on 20.8 acres located near the interchange of Interstate 35 and Loop 1604 in Live Oak. Godfrey sold the property to Concierge Asset Management. The 295,593-square-foot Alta Bayside is located along Ennis Joslin Road in Corpus Christi. Built in 2007, it sits on 14.5 acres and was sold to Camden Property Trust by Wood Partners.
RICHMOND — Lane Co. has purchased Villas at River Park West, a 252-unit multifamily community located at 21811 Wildwood Park in the Houston suburb of Richmond. The seller, 2005 RP West Ltd., was represented by Craig LaFollette, Todd Stewart, Todd Matrix, Tre Banks and Chris Curry of Holliday Fenoglio Fowler's (HFF) Houston office. Completed in 2007, Villas at River Park West has one- and two-bedroom floor plans and is 98 percent leased. Amenities include a business center, a laundry facility, a fitness center and a resort-style swimming pool.
SAN ANTONIO — Stephen Berchelmann and Chad Knibbe of Marcus & Millichap's San Antonio office have facilitated the sale of Marbach Plaza, a 105,974-square-foot grocery-anchored shopping center at the corner of West Military Drive and Marbach Road in San Antonio, on behalf of the seller, a limited liability company. A 32,400-square-foot La Fiesta Supermarket anchors the property, which was purchased by a private investor. Vincent Knipp of Marcus & Millichap's Fort Worth office secured the buyer.
LAKEWAY — San Diego-based Pacific Medical Buildings (PMB) and Nashville, Tenn.-based RD Development Partners (RD) are partnering with Franklin, Tenn.-based Surgical Development Partners and a group of local Lakeway physicians and investors, for the development of Lakeway Regional Medical Center, scheduled to open in April 2012. Located at RR 620 and Flintrock Trace in Lakeway, Phase I includes an eight-story, 270,000-square-foot hospital, a parking structure and a helipad. The hospital will have 103 inpatient beds and a Level 3 trauma center with 23 emergency room beds. A surgery department with six operating rooms, two endoscopy rooms and two pain management rooms will also be housed at Lakeway Regional Medical Center. Credit Suisse is providing construction and permanent loan financing, backed by the U.S. Department of Housing and Urban Development's (HUD) Federal Housing Administration (FHA) Section 242 Hospital Mortgage Insurance program, and Hoar Construction is the project's general contractor.
PLANO — Investors Business Daily and O'Neil Data Systems have purchased a 218,000-square-foot office and warehouse facility, located at 3100 E. Plano Pkwy. in Plano. O'Neil Data Systems will occupy 190,000 square feet, while Investors Business Daily will occupy 28,000 square feet. Bob Edge, Gary Collett, Matt Heidelbaugh, Mari Jones and Billy Gannon of Cushman & Wakefield of Texas represented the buyers, while Holmes Davis of Binswanger represented the seller.
El Paso — Pebble Hills, a 105-unit multifamily property built in 1978, has sold in El Paso for an undisclosed price. Located at 10865 Edgemere Blvd., the property features 32 one-bedroom and 73 two-bedroom units. San Antonio-based American Opportunity for Housing-PH Apartments, represented by Mike Miller and Winston Black of Hendricks & Partners, sold the property to El Paso-based Pomajest, which is planning substantial upgrades.
BELTON — A 2,590-square-foot Pizza Hut has sold in Belton, 50 miles north of Austin. Brad Bailey and Chase Conway of Marcus & Millichap's Austin office represented the seller, a private investor, while J.J. Taughinbaugh of Marcus & Millichap's Palo Alto, Calif., office represented the buyer, also a private investor. Pizza Hut is located at Neil Street and Interstate 35.
BAYTOWN — Arch-Con Construction has completed construction of a new Marriott SpringHill Suites, located at 5169 E. Freeway in Baytown, for Quad Hotels. The 75,000-square-foot hotel offers 101 guest rooms, a fitness room, an indoor pool and a sports bar. It also features 4,500 square feet of conference space.
MESQUITE —An 88,000-square-foot freestanding retail building in Mesquite, which is currently leased to Hobby Lobby and Mardel, has been sold to a New York-based investment group for an undisclosed price. A Dallas-based limited partnership sold the property, which fronts Galloway Road in Mesquite and sits just north of Highway 80. Gavin Kam of Net Realty Advisors and Brad Kam of TKG Property negotiated the transaction.