DALLAS AND HOUSTON — An affiliate of San Antonio-based USAA Real Estate Co. has entered into a joint venture agreement with Gables Residential to develop Class A multifamily properties at urban infill sites as well as purchase an interest in several of Gables' best-in-class stabilized properties. The development and acquisitions have the capacity to equal more than $400 million of Class A multifamily assets. Two of the first three stabilized properties under development include Gables Fairmount, which will comprise 333 apartments in Dallas' Uptown neighborhood, and Gables Bering, which will consist of 306 apartments and 11,200 square feet of retail space in Houston.
Texas
SAN ANTONIO — Memphis, Tenn.-based Mid-America Apartment Communities, an apartment-only REIT, has acquired the 340-unit Alamo Ranch apartment community, located in the Westover Hills corridor of northwest San Antonio. Completed in 2009, Alamo Ranch is part of a newly developed mixed-use, master-planned community with more than 900,000 square feet of retail and restaurant space, anchored by JC Penney and Lowe's Home Improvement Warehouse. Amenities at the gated Alamo Ranch include nine-foot ceilings, attached garages and a resort-style pool.
ADDISON — Tom Burns, Jay Gunn and Tom Warren of Hendricks & Partners' Dallas office have represented Frisco-based Hall Financial Group in its sale of a three-property apartment portfolio totaling 628 units in Addison. Bent Tree Brook, located at 4820 Westgrove Dr., Bent Tree Fountains, located at 16400 Ledgemont Ln., and Bent Tree Oaks, located at 4815 Westgrove Dr., have been sold to a joint venture between Crossbeam Capital and Concierge Asset Management. The buyers plan to invest $5.9 million to upgrade the properties.
HOUSTON – Mediterra at Westchase, a 312-unit, 250,014-square-foot multifamily property located at 3131 Hayes Rd., between Westheimer Road and Richmond Avenue, in Houston has changed hands. Miami-based Alterra Capital Group sold the property to Houston-based Mosaic Residential for an undisclosed amount. Matthew Kesterson of Marcus & Millichap’s Vero Beach, Fla., office and Jeffrey Fript of the firm’s Houston office represented the seller. Marcus & Millichap also represented the buyer. Mediterra at Westchase is comprised of 21 two-story buildings built in 1980 on approximately 10.5 acres. It features one-, two- and three-bedroom units.
DENTON – The Shops at Colorado, a 70,310-square-foot retail property in Denton has sold. A California-based development company sold it to an unlisted investment fund based in the Southeast. The Shops at Colorado was a former Target building that was renovated in 2007 and was 94.5 occupied at close of escrow with three tenants – Staples, Conn’s and Party City. Two separately platted pad sites were included in the sale. Tommy Tucker of Marcus & Millichap’s Dallas office represented the seller and procured the buyer as well.
SAN ANTONIO – The 64,500-square-foot Interceramic Tile & Stone Gallery has traded for $4.4 million. Located at 12054 Starcrest Dr. in San Antonio, the single-tenant, net-leased building was marketed by Alvin Mansour and Phil Sambazis, investment specialist with Marcus & Millichap’s San Diego office, on behalf of the seller, an unlisted partnership.
HOUSTON – Hardin Construction Co. has topped out the Vintage Medical Office Building at St. Luke’s Hospital in Houston. The medical office building, owned by Brookfield, Wisc.-based HC Vintage MOB I, LLC, a partnership between Hammes Co. and St. Luke’s Partnership, is a three-story, 39,749-square-foot project with a 176-space parking lot. It will be completed in April.
DALLAS AND HOUSTON – St. Louis-based Cassidy Turley has welcomed CAPSTAR Commercial Real Estate Services to its company with offices in Dallas and Houston. Founded in 2000, CAPSTAR oversees a management and leasing portfolio comprised of 14.5 million square feet of primarily Class A office space. CAPSTAR is led by its principals, Bret Bunnett, Johnny Johnson, John Patterson, Trey Smith and Chris Taylor, and brings more than 100 employees to Cassidy Turley.
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.
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.